With liquidity thinned by a market holiday....>

FOREX: With liquidity thinned by a market holiday in Japan, the Sino-U.S. trade

goings-on drew the bulk of attention after U.S. Pres Trump & Commerce Sec Ross

struck optimistic notes on the topic over the weekend. The Antipodeans were

bought, with NZD leading gains in G10 FX space. AUD admittedly posted a leg

lower on the back of a miss in local retail sales data, but broader picture

themes allowed for a swift recovery. NZD/USD met resistance at its 100-DMA.

- The yuan garnered strength post-PBoC fix; the USD/CNY mid-point was in line

with expectations but stronger than on Friday. USD/CNH dipped through the

CNH7.0315-0296 support zone and staged a foray under the 100-DMA.

- Improving sentiment aided KRW; a dip in USD/KRW filled the gap from Jul 2.

- ZAR was bid as S. Africa escaped a ratings downgrade at Moody's on Friday.

- A slew of m'fing PMIs from across the EZ (some flashed in the BBG calendar

overnight, were in line with estimates but treat this with caution), as well as

U.S. durable goods & factory orders figure in today's data docket. Christine

Lagarde will make her first public appearance as the ECB chief. Separately, we

will hear from her ECB colleague de Cos, Norges Bank's Olsen and Fed's Daly.