We are still pretty much where we started,....>

FOREX: We are still pretty much where we started, as headline flow has been

sparse. The initial defensive feel continues to dominate, as participants took

note of the worrying coronavirus situation in the U.S. The Antipodeans

underperform their G10 peers, but respect relatively tight ranges. BBG ran a

(corrected) headline from the AFR, noting that Bain Capital has committed up to

A$1.25bn to relaunch Virgin Australia, but AUD has been unfazed.

- Onshore KRW reopened on the back foot. USD/KRW has trimmed gains since, but

continues to hover slightly above neutral levels. South Korean FinMin Hong ruled

out a fourth extra budget this year, adding that the gov't will focus on

ensuring that the third budget & stimulus measures "feed through".

- CNH has firmed up at the margin as China returns from its long weekend.

China's industrial profits rebounded in May, per Sunday's release.

- Focus turns to preliminary German CPI data, final EZ consumer confidence, U.S.

pending home sales & Canadian building permits, as well as comments from BoE's

Bailey & Vlieghe, ECB's Makhlouf and Fed's Daly & Williams.