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CNB Likely Unchanged Later Today


Breaches Key Short-Term Support


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Bearish Theme Remains Intact

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FOREX: The space kick started the week in a sour mood as the weekend saw the
release of truly horrific off'l PMIs out of China on top of the broader Covid-19
worry. However, the initial moves were largely reversed on the back of exp. of
widespread central bank action, with the BoJ pledging to ensure ample liquidity
& mkt stability. USD/JPY printed a a fresh cycle low at Y107.01 but staged a
dynamic rebound in the wake of BoJ communique. AUD/USD recovered in sympathy,
despite a boost to mkt bets that the RBA will cut rates at tomorrow's meeting.
NZD remained the worst G10 performer & CAD jumped to the top of the pile.
- The PBoC fix was in-line but considerably stronger than Friday's & allowed the
yuan to erase earlier losses, which helped improve sentiment. USD/Asia was
generally softer, with USD limited by dovish signals heard from Fed Chair Powell
after hours Friday. KRW was the best performer in the region, while IDR extended
its recent rout, with Indonesia confirming first Covid-19 cases.
- USD/MXN spiked higher as U.S. Pres Trump said he will consider tightening
controls on the southern border after Mexico declared its first Covid-19 case.
- M'fing PMI Surveys from around the world provide the main focal point today.

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