Riskier G10 FX had a slow start to the........>

FOREX: Riskier G10 FX had a slow start to the Asia-Pac session, after a poor

showing from U.S. equity mkts despite a 50bp cut from the Fed. Yet they managed

to pick up as policymakers from across the region talked up readiness to take

supportive measures, while early Super Tues results favoured Biden over Sanders.

A record-low Chinese Caixin Services PMI helped pare some of those risk-on moves

but only to a degree, with mkts prepared for yet another horrendous reading.

- AUD was bought on the back of above-forecast Q4 GDP numbers out of Oz. JPY

lags its G10 peers. USD/JPY touched a five-month low early on, but rebounded as

the Nikkei 225 turned green & a BBG trader source cited USD/JPY short-covering.

- USD/Asia sold off, playing catch-up to USD sales seen after the Fed's move,

with KRW & IDR leading gains. BoK off'ls held meetings re: Fed action, while S.

Korean gov't unveiled its extra budget. Separately, BI noted it doesn't want

"huge swings" in IDR & pledged to bolster its policy mix, but said it doesn't

plan to call an early meeting. USD/yuan fell despite the Caixin PMI reading.

- On the radar today: BoC MonPol decision, Italian GDP, German/EZ retail sales

& global services PMIs. BoE's Bailey & Broadbent, Fed's Bullard will speak.