Markets sighed with relief as Chinese.........>

FOREX: Markets sighed with relief as Chinese Caixin m'fing PMI topped forecasts

and indicated the fastest pace of expansion since Feb 2017. The survey inspired

a round of risk-on flows, which boosted the Antipodeans but put safe havens on

the defensive. The kiwi had already been bid, as an improvement in ANZ consumer

confidence helped consolidate gains registered yesterday on the back of solid

economic data and a revision to Westpac RBNZ call.

- A strong PMI survey and the PBoC's offering of CNH-denominated bills, to be

auctioned in Hong Kong next week, helped offset the impact of a weaker than

expected PBoC fix. That said, USD/CNH stuck to a relatively tight range

- USD/KRW opened higher as regional markets absorbed the worrying reports re:

U.S.-China trade, but trimmed gains thanks to the Chinese data, as well as beats

in South Korean CPI and trade balance (albeit the latter was underpinned by

rather underwhelming breakdown figures).

- Back from their blackout period, Fed's Clarida, Quarles, Williams, Kaplan and

Daly are set to speak; Riksbank's Ingves appears as well. U.S. NFP report, ISM

m'fing and Markit m'fing PMI, Norwegian unemployment & UK m'fing PMI are due.