Risk turned its tail again amid wider.........>

FOREX: Risk turned its tail again amid wider disappointment with the lack of

clarity from the White House on fiscal stimulus measures, touted by the POTUS.

The ever-growing concern with spreading Covid-19 was evident, with U.S. case

count topping 1,000 & CDC noting that in some places containment efforts have

failed. Participants dumped the greenback, high-betas took a hit on risk-off

flows & safe havens picked up a bid. JPY was the big mover of the session, with

USD/JPY weakening past the Y105.00 mark. AUD dipped after showing little

reaction RBA Dep Gov Debelle's suggestion of the RBA's preference for YCC over

outright QE, should the need for bond buying arise. GBP was among the worst

performers among G10 FX with the Times reporting that UK Health Min contracted

coronavirus & had earlier attended an event at No. 10 with PM Johnson.

- USD/CNH recovered neutral levels after a softer than expected PBoC fix, but

resumed its sell-off later on, returning to negative territory. KRW opened on a

firmer note amid signals that the extra budget might be expanded & (only

superficially) solid data, but more than erased those gains through the session.

- U.S. CPI, as well as UK monthly indicators & 2020 Budget are awaited today.