Things have calmed down compared to the.......>

FOREX: Things have calmed down compared to the tumultuous last few sessions and

major FX pairs stuck to tight ranges. Modest selling pressure hit the yen in

early trade, possibly on the back of a Nikkei report suggesting that Japan's

gigantic pension fund plans to increase the weighting in foreign bonds in its

portfolio, although the story came out a little earlier than the yen's move. A

round of broader risk-off flows prompted a rebound in JPY & the currency has

remained atop the G10 pile since. Safe haven FX turned more attractive as

California declared a state of emergency, after declaring its first coronavirus

fatality. NZD managed to recoup earlier losses, leaving its high-beta peers AUD,

CAD & NOK at the bottom of the G10 basket.

- Asian EMFX traded mixed as participants took stock of the coronavirus

situation. USD/CNH ticked higher, extending & consolidating gains after a

slightly softer than expected PBoC fix. MYR & KRW firmed up, each printing best

levels vs. USD in two weeks. IDR & THB faltered somewhat. 

- Coming up today are U.S. factory orders & final durable goods. Speeches are

due from BoE's Carney & Haldane, BoC's Poloz & Fed's Kaplan.