The Antipodeans underperformed overnight,.....>

FOREX: The Antipodeans underperformed overnight, weighed on by soft Caixin

services/composite PMI data from China. NZD was the weakest G10 currency,

although AUD came under additional pressure from domestic Q4 net exports, which

printed at -0.2% Q/Q vs exp. -0.1% and a prior +0.4%, adding to the series of

disappointing Q4 data ahead of the release of Q4 GDP due tomorrow. The Aussie

then spiked ~15 pips higher post-RBA, but immediately retraced the move.

- As a reminder, the RBA left its OCR unch., introducing no major tweaks to the

language of the statement that accompanied the decision.

- USD landed atop the G10 pile, with DXY adding 5 pips overnight.

- Little reaction was noted in the FX space to the speech from Chinese premier

Li, which marked the start of China's NPC. Li revealed that China will target

2019 GDP growth at around 6.0-6.5%, in line with exp.

- Focus today turns to final Italian GDP, as well as global services/composite

PMI data. The central bank slate includes addresses from BoE Gov Carney,

Riksbank Dep Gov Skingsley and Fed's Rosengren, Kashkari & Barkin.