JPY was the winner once again as risk off.....>

FOREX: JPY was the winner once again as risk off flows did the rounds for a 2nd

consecutive Asia-Pac session as the US opened an investigation into levying

tariffs on imported autos & as a North Korean diplomat suggested that he would

recommend that his country's leadership reconsider attending the upcoming US-NK

summit. Yen crosses sold off with chatter that levered Japanese names were

behind the move following the Nikkei open. USDJPY breached yesterday's low,

while EURJPY managed to register a fresh YtD low on the move. The Antipodeans

stuck to a tight range, while EURUSD traded either side of 1.1700. GBP had

garnered an early bid on reports that UK PM May is set to seek a new Brexit

transition agreement through to 2023, although there was some short term

pressure as GBPJPY crossed below trend line support at 147.41, but cable now

sits closer to best levels. USDTRY operates near yesterday's closing level after

the CBRT's emergency 300bp hike, while the BoK stood pat & reiterated that it

will intervene in markets if required, USDKRW stuck to a tight enough range.

- Fed's Dudley, Bostic, Kaplan & Harker, BoE's Carney & ECB's Praet will all

speak today & we will also get ECB April meeting minutes & UK retail sales.