Risk sentiment struggled for clear............>

FOREX: Risk sentiment struggled for clear direction, which was reflected in

price action across the G10 FX space. Modest risk-off flows seemingly stemming

from worries re: Sino-U.S. trade matters moderated, only to come back in the

wake of disappointing Chinese activity data, keeping a lid on the Antipodeans.

- AUD emerged as the worst G10 performer, with AUD/USD touching a fresh

multi-month low. Little reaction was noted to Australian Q1 wage data.

- USD/CNH also printed a new 2019 high before easing off despite weak data out

of China. The PBoC fix undershot bank model exp. for the 5th consecutive day

(i.e. CNY fixes were stronger than forecasted).

- A dip in the Nikkei 225 right after the Tokyo equity open prompted JPY to

briefly top the G10 pile, but recovering stocks dragged the currency back to

neutral levels.

- Focus today turns to Canadian & French CPIs, German & EZ GDP, as well as U.S.

retail sales, industrial output & Empire m'fing. Earnings results from Alibaba &

Tencent will also provide interest, amidst the Sino-U.S. trade war. Riksbank's

Jochnick, ECB's Coeure & Praet, as well as Fed's Quarles & Barkin will speak.