Risk Averse In Early Trade

The tone is risk averse in Asia-Pac trade on Monday, the greenback has moved higher and risk assets have lost favour. AUD is the worst performer so far, AUD/USD down 18 pips at 0.7716, while NZD/USD is down 12 pips at 0.7130. In New Zealand March Performance of Services Index moved into expansion at 52.4 from 49.7

• The move higher in JPY has outstripped USD, USD/JPY down around 7 pips. Data earlier in the session showed exports rose 16.1% Y/Y in March, compared to expectations of an 11.4% rise, trade surplus widened more than expected as a result. Elsewhere Tokyo Gov Koike asked officials to consider declaring a state of emergency in the capital "with a sense of speed," as the spread of new Covid-19 infections continues to accelerate, while Japan's vaccine tsar Kono said Sunday that the nation will secure enough vaccines for all residents over 16 years old by the end of Sep.
• Offshore yuan is weaker, but is off worst levels seen after data on Friday. On Friday a report from the US Treasury refrained from designating any trading partner, including China, as a currency manipulator.