Onshore CNY finishes at year's lows on........>

FOREX: Onshore CNY finishes at year's lows on US-China stalemate

-Trade in onshore USD/CNY closed at the highest level of 2018, with risk

sentiment more broadly taking a knock as US-China trade discussions hit another

impasse. Disagreement over how and when current US import tariffs on Chinese

goods would be removed in any agreement were said to be behind the renewed

tensions. Offshore CNH also took a similar beating, rising north of 6.90 for the

first time since late-December. Last year's highs of 6.9805 are now within view.

As a result, JPY and CHF are the firmest so far in G10 , with high beta FX on

the backfoot. AUD is a notable underperformer, prompting AUD/USD to re-approach

the early May lows of $0.6963. In Scandi FX, SEK carried last week's weakness

into Monday, printing the lowest levels against the USD since 2002.

-The recent move higher in USD/KRW persists again, with USD/KRW hitting new

cycle highs just ahead of the close at 1187.75 - the highest rate since early

2017. 

-The data calendar is sparse Monday, with attention turning to the Fed schedule.

Fed's Rosengren, Clarida and Kaplan are all due to speak.