The kiwi took the lead in the G10 basket......>

FOREX: The kiwi took the lead in the G10 basket early on and has held gains

after the release of Q1 retail sales, which shrank less than expected. Worth

adding though that the 0.7% Q/Q decline was the largest since 2012 and the

previous reading was revised lower. AUD erased initial gains as Fitch changed

Australia's outlook to negative from stable, leaving the rating at "AAA", but

then re-joined NZD, CAD & GBP in a slow move higher; they have pared gains

since. JPY swung both ways in tandem with U.S. equity index futures.

- Some of the Asian EM FX have shown a delayed reaction to yesterday's risk-off

flows provoked by escalating U.S.-China tensions. The likes of KRW, MYR & PHP

trade on a softer footing, even as CNH has strengthened a tad.

- Little in the way of market reaction seen to the fallout from China's National

People's Congress & an emergency monetary policy meeting of the BoJ. As many

have suspected, China omitted a 2020 GDP from its Work Report.

- UK & Canadian retail sales, minutes from the ECB's most recent policy meeting

and comments from ECB's Lane take focus today.