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LSAP Purchase Target Cut


Futures Back From Overnight Highs


10-Year Future Hits Contract High


Central Bank On Hold At Record Low


China Repo Rates Rise Friday

FOREX: U.S. Pres Trump's announcement of a 30-day ban on travel from continental
Europe & his failure to come up with bold fiscal measures battered risk
appetite. A slip of the tongue on Trump's part as he suggested that restrictions
will affect trade w/Europe, with the space looking past clarifications that
tightened restrictions won't affect goods & cargo. USD/JPY plunged through the
Y104.00 mark, but recouped the level as risk-off moderated somewhat. CHF gained
alongside the yen, while commodity-tied FX underperformed. NOK fared the worst,
pummelled by a drop in oil prices. AUD also struggled as a A$17.6bn fiscal
stimulus package unveiled by the Australian gov't brought no reprieve.
- EMFX took a hit from risk aversion, with MXN & ZAR offered. USD/Asia firmed
up, as regional FX played catch-up to the WHO's pandemic declaration. KRW led
losses in the space, with South Korea reporting 114 new coronavirus cases & 6
new fatalities. PHP was dumped as top Philippine financial off'ls went into
self-quarantine after having contact with a person infected with the virus.
- The ECB delivers its MonPol decision today and its response to the coronavirus
crisis is an obvious point of note. EZ IP, U.S. PPI & Swedish CPI are also due.