It has been a bit quieter in early Asia-Pac...>

FOREX: It has been a bit quieter in early Asia-Pac trade in terms of headline

flow, while liquidity is thinned by a mkt holiday in Japan. It goes without

saying that the coronavirus crisis & global policy response to it continue to

capture everyone's attention. DXY kicked off by printing a new 2-year high, but

has pulled back since, while EUR also fares rather badly. JPY is the worst G10

performer, with USD/JPY showing above Y111.00 before renewed USD sales. CHF has

softened alongside its safe haven peer. Despite starting on a softer note, the

Antipodeans have staged a rebound & extended gains as the RBA offered to buy

A$5bn of ACGBs in the first round of its bond purchase scheme. AUD tops the G10

pile as we type. NZD has held gains even as RBNZ Asst Gov Hawkesby said that the

next step for the RBNZ would be QE. In addition, the Antipodeans are supported

by the broader risk reprieve, which helps the commodity-tied FX space. GBP is

solid, with cable rebounding after printing a new multi-year low.

- A slide in USD/CNH has been amplified as the PBoC announced a sale of 6-month

bills in HK on Mar 26. China unexp. left its 1-/5-Yr LPRs unchanged.

- U.S. existing home sales, Canadian retail sales take focus today.