Investors have been cautious in the first.....>

FOREX: Investors have been cautious in the first half of today's Asia-Pac

session, with a degree of risk aversion pushing the Antipodeans to the bottom of

the G10 currency board. NZD has underperformed after NZ BusinessNZ m'fing PMI

fell to 51.9, while the previous reading was revised to 53.4 from 53.7.

- JPY ticked higher initially, before paring gains after the Nikkei 225 opened

on the front foot, even as the index promptly slid to unchanged levels.

- Limited news flow and little in the way of data releases have translated into

range-bound price action across the G10 FX space thus far.

- Focus today turns to U.S. U. of Mich. sentiment, Chinese trade balance & EZ

industrial output. The list of central bank speakers includes BoE Gov Carney,

Riksbank Dep Gov Floden, BoC Dep Gov Lane and ECB's Praet. Worth noting multiple

central bankers are participating in the annual IMF/WB Spring Meeting.