The yuan picked up a modest bid as Chinese....>

FOREX: The yuan picked up a modest bid as Chinese data was, on balance, slightly

firmer than exp. 2019 growth topped +6.0% Y/Y, as had been touted beforehand by

Chinese state media and VP Liu He. Enthusiasm about stronger than forecast

industrial output, retail sales & fixed assets was somewhat cooled by an uptick

in unemployment. USD/CNH & USD/CNY briefly showed under recent multi-month lows.

- Price action across the G10 FX space was very subdued. A round of USD/JPY

buying into the Tokyo fix was faded. NZD is heading for the London session as

the best G10 performer, even as BusinessNZ PMI survey released ahead of the open

suggested that New Zealand's m'fing sector slipped into contraction.

- KRW led gains in Asian EMFX with the BoK leaving its policy rate on hold at

1.25% this time, in line with projections. Accompanying communique may have

turned more optimistic at the margin, but USD/KRW moved away from lows as it

became apparent that two members still called for a rate cut.

- Today's data highlights include UK retail sales, CPI numbers from Italy and

the EZ, as well as U.S. housing starts, building permits & industrial output.

Speeches are due from Fed's Harker and Quarles