JPY was the outperformer in G10 overnight,....>

FOREX: JPY was the outperformer in G10 overnight, with USD/JPY moving back below

Y112.00. JPY ignored the latest BoJ MonPol decision, as the BoJ left its

headline MonPol settings unch. & extended its forward guidance re: extremely low

interest rates out to the end of Spring '20. Elsewhere the Bank's initial FY21

core CPI estimate was 1.6%, shy of 2.0% target, as exp.

- Ranges were tight elsewhere. AUD & NZD moved away from worst levels as reports

pointed to targeted RRR cuts in China, with the central bank once again focusing

on credit provisions for small & medium sized firms in the wake of yesterday's

TMLF operations. AUD & NZD liquidity was limited by the ANZAC Day holiday.

- KRW has been the big mover, sliding as South Korean GDP unexpectedly

contracted in Q/Q terms, representing the largest fall since the GFC. BoK

officials were quick to note that the latest round of BoK forecasts reflected Q1

GDP, and there is no need to be too pessimistic on the economy, yet. There was

also talk of official intervention doing the rounds, shortly before officials

stressed that they will intervene in the FX space if required.

- Focus now moves to U.S. durable goods data and a speech from ECB's de Guindos.