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Little to write home as we are heading for....>

FOREX
FOREX: Little to write home as we are heading for the London session. The
Antipodeans lost ground, while USD and JPY were mildly bid as U.S. equity index
futures edged lower. Preliminary PMIs released out of Australia and Japan
plunged to record lows as the coronavirus crisis and lockdown measures take
their toll. Flash Australian trade data was better than expected, but AUD
continues to underperform its G10 peers.
- IDR led losses among Asian EM FX, the day after Indonesian gov't decided to
extend social distancing guidelines in Jakarta through May 22. USD/KRW looked
past flash GDP data reported by South Korea. The data overshot forecasts, but
showed a 1.4% Q/Q contraction in the first quarter, with FinMin Hong warning
that fallout from the coronavirus pandemic may be even greater in Q2.
- Flash PMIs from across the globe, U.S. initial jobless claims & new home
sales, comments from BoE's Vlieghe and a virtual summit of EU27 take focus from
here.

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