It has been a much quieter start to the.......>

FOREX: It has been a much quieter start to the session than the past few ones,

with major currency pairs sticking to tight ranges. There was some selling

pressure on the yen in early trade, possibly on the back of a Nikkei report

suggesting that Japan's gigantic pension fund plans to increase the weighting of

foreign bonds in its portfolio, although the story came out a little earlier

than the move. JPY has rebounded thereafter amid a round of broader risk-off

flows & currently tops the G10 pile. Participants have retreated into safer

currencies as California declared a state of emergency, following its first

coronavirus-related death.

- USD/CNH has extended gains after a slightly softer than expected PBoC fix. The

broader Asian EM space trades in a mixed manner.

- Coming up today are U.S. factory orders & final durable goods. Speeches are

due from BoE's Carney & Haldane, BoC's Poloz & Fed's Kaplan.