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The focus has moved to expected policy........>

FOREX
FOREX: The focus has moved to expected policy response to the global coronavirus
outbreak. As we learnt yesterday, G7 FinMins & central bankers will hold a video
call chaired by U.S. Tsy Sec Mnuchin later today to discus the economic impact
of Covid-19. G10 FX space has witnessed a round of risk-off flows around the
bottom of the hour. It seemed driven by AUD, perhaps in reaction to PM
Morrison's comment that the government and the RBA are "highly aligned" re:
their response to coronavirus. JPY sits atop the G10 pile with USD/JPY testing
the Y108.00 figure to the downside at typing as the Nikkei 225 has lost ground &
now trades flat.
- USD/Asia crosses trade in a mixed manner. USD/KRW opened lower but has pared
the bulk of initial losses since; South Korea's final GDP readings for Q4 were
revised higher, but Y/Y CPI inflation missed projections in Feb. USD/CNH has
climbed but remains stuck within yesterday's range.
- MonPol decisions from the RBA & BNM are awaited today. BoE's Carney, ECB's
Holzmann, Norges Bank's Nicolaisen & Olsen, Riksbank's Breman, and Fed's Evans &
Mester will speak. EZ unemployment & flash CPI take focus on the data front.

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