Risk appetite has been hammered at the........>

FOREX: Risk appetite has been hammered at the start to the week in reaction to

the escalation of the coronavirus epidemic across the world & particularly

horrific off'l PMIs out of China, as they plunged to record lows. There has been

a marked boost in expectations of policy easing from multiple central banks,

including from the RBA at their meeting tomorrow. That being said, AUD has moved

away from worst levels with most crosses coming off extremes. NZD is the worst

G10 performer after touching its worst levels since Aug '15. JPY & CHF are

solid; USD/JPY printed a new YtD low at Y107.01. EUR & DKK also fare well. USD

has struggled amid expectations that the Fed must have to cut rates this year.

- USD/CNH has trimmed gains after the PBoC fix, which was in-line but sig.

stronger than Friday's. KRW is bid as S. Korea is set to unveil extra budget

Thurs & local trade data topped exp. (see earlier bullets for caveats though).

- USD/MXN spiked higher as U.S. Pres Trump said he will consider tightening

controls on the southern border after Mexico declared its first Covid-19 case.

- We're on the lookout for China's Caixin M'fing PMI due within half and hour,

with more PMI surveys from across the globe coming up later in the day.