JPY overtook NZD as the leader among G10......>

FOREX: JPY overtook NZD as the leader among G10 currencies following the release

of the latest Chinese trade data, which revealed a narrower than expected trade

surplus. The yen was also aided by a move lower in the Nikkei 225, which trades

~2.0% lower at writing. Elsewhere, JPY ignored the upward revision of Japanese

Q4 GDP, both on a quarterly and annualised basis, as well as Japanese BoP data.

- The Chinese data added pressure to the Antipodeans, while AUD had already been

weighed on by NAB's change to its RBA call. The bank now looks for two 25bp rate

cuts from the RBA, one in July and one in November of this year.

- The Scandies underperformed modestly overnight, in apparent carry-over from

yesterday's post-ECB weakness.

- All in all, the session saw major FX pairs stick to rather tight ranges.

- Focus today turns to labour mkt data from the U.S. & Canada, French & Italian

industrial outputs, German factory orders and Norwegian GDP. Elsewhere, ECB's

Nowotny and Riksbank Dep Gov Floden will speak.