Reports on a trial of Moderna's Covid-19......>

FOREX: Reports on a trial of Moderna's Covid-19 vaccine, which produced

antibodies for coronavirus in all participants of the experiment, set the tone

of early Asia-Pac trade. The news has inspired risk-on flows, albeit they may

have been limited by caveats surrounding the trial, such as small sample size

and severe side-effects reported by some patients.

- Safe haven FX have lost ground in reaction to renewed risk appetite, with USD,

JPY & CHF leading losses in G10 FX space. Commodity-tied currencies have firmed

up, with AUD/USD having a look above key resistance from Jul 9 high ($0.7001).

- KRW picked up a bid at the reopen of onshore trade, as aforementioned news re:

Covid-19 vaccine has conspired with an unexpected drop in South Korea's

unemployment rate to support the risk-sensitive currency.

- USD/CNH slid under the CNH7.0000 figure and is trying to consolidate below

that level as we type. The daily PBoC fix is due shortly.

- Monetary policy decisions are due from the BoJ & the BoC today. Coming up on

the data front we have UK CPI, U.S. industrial output. Speaker slate features

BoE's Tenreyro & Fed's Harker.