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The initial risk-off impulse, linked to.......>

FOREX
FOREX: The initial risk-off impulse, linked to yesterday's STAT report
downplaying the findings of Moderna's trial of an experimental Covid-19 vaccine,
quickly faded away. Appetite for riskier currencies returned, driving price
action across G10 FX space. JPY brings up the rear and USD/JPY rallied towards
the Y108.00 mark, but failed to breach the level and pulled back over the Tokyo
fix. The kiwi leads commodity FX higher, after topping the G10 scoreboard
yesterday. RBNZ Gov Orr gave an interview to BBG and his comments moved NZD,
albeit initially within a very tight range, with broader cross-currents
dominating. The Governor said that the central bank doesn't want to use negative
interest rates, but is prepared to do so, though "not until a lot later".
- USD/CNH has ebbed lower as we are approaching the PBoC's daily USD/CNY fix and
monthly LPR fix.
- Inflation data from the UK, EZ & Canada, Australian flash retail sales,
China's LPR fixing & FOMC Apr MonPol meeting minutes take focus today. Speaker
slate features BoE's Bailey, Broadbent & Cunliffe, Fed's Bostic & Bullard, BoC's
Lane & Riksbank's Ingves (post FSR release).

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