Modest risk-off flows have been noted at......>

FOREX: Modest risk-off flows have been noted at the Tokyo equity open as the

Nikkei 225 has slid from the off, with focus remaining on the U.S.-Iran

tensions. This applied fresh pressure to the high-beta FX bloc.

- NZD found itself under additional pressure as a result, after it had already

underperformed on the back of a considerable decline in domestic BusinessNZ

manufacturing PMI. The index decelerated to 50.2, with the previous reading

downgraded to 52.7 from 53.0.

- Safe haven FX have gained some traction, with JPY narrowly leading gains among

the G10, ahead of CHF.

- Japanese trade Min Motegi met with U.S. TR Lighthizer in Washington. Motegi

noted that the pair may hold another meeting before the G20 summit.

- Focus turns to Chinese economic activity data, Japanese industrial output (f),

Italian, French and Swedish CPIs, as well as industrial output, retail sales and

U. of Mich. Sentiment out of the U.S. BoE Gov Carney is set to speak.