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The kiwi took flight as NZ FinMin Robertson...>

FOREX
FOREX: The kiwi took flight as NZ FinMin Robertson unveiled the details of a
NZ$12.1bn fiscal stimulus package, designed to protect the economy against the
consequences of the coronavirus crisis. The kiwi outperforms its G10 peers as we
type, with the broader commodity-tied FX space also faring relatively well. 
- Broader focus is on monetary/fiscal response to the Covid-19 pandemic. JPY is
the worst G10 performer as U.S. equity index futures have rallied, with S&P
e-minis hitting the limit-up band. The yen extended losses thereafter, with
USD/JPY rallying over the Tokyo fix to test Y107.00. CHF also struggles.
- GBP also fares pretty badly, even as numerous press reports have suggested
that Cll'r Sunak is set to present plans to help business hit by the coronavirus
pandemic later today.
- USD/CNH has dropped despite a softer than expected PBoC fix. Meanwhile,
USD/KRW spiked higher at the open, playing catch-up to yesterday's emergency
rate cut from the BoK.
- Japanese industrial output (f), German ZEW Survey, UK Labour Mkt Report, U.S.
industrial output & retail sales, comments from ECB's Rehn are due today.

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