Solid Chinese data aided CNH, AUD & NZD,......>

FOREX: Solid Chinese data aided CNH, AUD & NZD, allowing the latter two to

breathe a sigh of relief. Chinese GDP growth held at +6.4% Y/Y in Q1 vs. exp. of

a slowdown to +6.3%. Industrial output & retail sales were also firm.

- Despite paring some of its earlier losses, NZD remained the worst G10

performer, after it tumbled upon the release of soft NZ CPI, which missed

forecasts both on a Q/Q & Y/Y basis, while also undershooting the RBNZ's

estimates. Worth noting NZD knee-jerked a touch higher after the RBNZ sectoral

factor inflation model came in unch. at +1.7%.

- NZD weakness initially spilled over into AUD, but good news from China pushed

the currency to the top of the G10 pile, before it faded from best levels.

- JPY dipped at the Tokyo equity open, as the Nikkei 225 started on the front

foot, allowing USD/JPY to touch a fresh YTD high of Y112.17. The yen then posted

another short-lived spike lower in reaction to the Chinese data.

- U.S. trade balance and CPI data from the UK, EZ & Canada take focus today.

Remarks from ECB's Lautenschlaeger, Fed's Harker & Bullard are also due, while

BoE's Carney will appear alongside ECB's Villeroy.