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Safe haven FX gained poise overnight as.......>

FOREX
FOREX: Safe haven FX gained poise overnight as risk sentiment pared yesterday's
recovery, with major equity indices in the region trimming their initial gains.
The yen took the lead early on, as optimism fuelled by yesterday's China tariff
delay waned somewhat, while familiar worries re: Hong Kong, Italy or Argentina
remained. A stronger than exp. PBoC fix brought risk assets a brief sigh of
relief before a slew of disappointing economic activity data out of China
accelerated risk-off flows, cementing JPY outperformance in the G10 FX space.
- AUD was the worst G10 performer, damaged by the broader deterioration in risk
appetite & poor Chinese data, which prompted leveraged accounts to turn net
short AUD/USD, per BBG. A slight beat in Aussie Q/Q wage price index brought
modest reprieve at one point, but it was very short-lived. NZD was fairly solid.
- USD/KRW gapped 13.20 figures lower at the open, as mkts absorbed news of the
de-escalation of U.S.-China trade war. KRW trimmed gains as initial enthusiasm
dissipated, but remained the best performer in Asian FX.
- Focus turns to flash EZ & German GDPs, EZ industrial output & employment, as
well as inflation data from the UK, France and Sweden. RBA's Debelle will speak.
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