Most G10 FX crosses traded in very narrow.....>

FOREX: Most G10 FX crosses traded in very narrow ranges overnight, as investors

weighed signals regarding the Sino-U.S. trade standoff. In the NY/Asia crossover

U.S. Pres Trump predicted a "fast" trade deal with China, adding that Huawei

could be part of the deal. Later into the session, the U.S. moved to impose

countervailing duties on countries that undervalue their currencies vs. USD.

- The Aussie dropped to the bottom of the G10 pile after Westpac said that they

now expect the RBA to deliver three 25bp cuts to its cash rate this year, in

Jun, Aug & Nov. AUD weakness spilled over into NZD to a slight degree.

- Asia-Pac data releases have been shrugged off, with Japanese CPI figures

matching forecasts and NZ trade balance slightly undershooting expectations

(while both imports & exports were better than exp.).

- USD/CNH inched higher, but remained within this week's range.

- USD/TRY added ~240 pips, but still trades shy of yesterday's best levels.

- UK retail sales and U.S. durable goods are the remaining data highlights of

today, while ECB's Nowotny and Riksbank's Skingsley are set to speak. The EU

enters the second day of the European elections.