JPY was the biggest winner as broad based.....>

FOREX: JPY was the biggest winner as broad based risk aversion hit mkts. While

there was little in the way of fresh headline risk, Trump has reintroduced

questions re: the Chinese trade situation & North Korea over the last 24 hrs

which may be hampering risk. The JPY crosses were sold throughout the session.

USDJPY now sits at 110.50, with some $2.01bln worth of 110.00 & $1.46bln worth

of 111.00 options set to roll off at today's 10AM NY cut. The DXY printed gains

elsewhere (ex-CHF), with the Antipodeans coming under pressure after a soft AU

com. construction work headline print & after the RBNZ noted that it would be

open to non-standard MonPol measures if needed, although it doesn't foresee a

sharp decline in the OCR. USDTRY surged higher, with some attributing the move

to the Japanese retail exiting the TRYJPY cross. USDTRY is back from highs.

- It is worth noting that there is EUR1.23bln of 1.1750 & EUR 1.05bln worth of

1.1785 EURUSD options set to roll off at today's 10AM NY cut.

- Wednesday brings preliminary Eurozone PMI data, the UK April inflation data &

FOMC May meeting minutes. Traders will also eye comments from Fed's Kashkari &

RBA Gov. Lowe.