FX Update: There hasn't been a strong theme
FX Update: There hasn't been a strong theme in forex markets so far today. Sterling paring losses seen during the early part of the London session, while EUR-USD settled in the upper 1.1300s, above Friday's 17-day low at 1.1353, and near the 1.1400 level, which roughly marks the midway point of a broadly sideways range that's been unfolding for three months now. AUD-USD, like Cable, managed to edge out two-session lows, though the magnitude of movement was limited. USD-JPY traded moderately softer, though has held within Friday's range so far. An intraday low was printed at 109.47. EUR-JPY saw a similar downward drift, but also remained within its range seen on Friday, while AUD-JPY edged out a two-session low at 78.28. Stock markets in Asia rose, though gains were mostly moderate in magnitude, while Europe bourses turned negative and S&P 500 futures were showing a low of 0.5% as of the late London AM, correcting after the cash version of the index closed out on Wall Street on Friday with a 1.3% gain. China Q4 GDP data showed growth easing to 6.4% y/y, meeting expectations in declining from 6.5% y/y in Q3, while 2018 growth ebbed to 6.6%, the slowest annual growth since 1990. Fitch also reported that defaults on Chinese corporate bonds rose to a record high in 2018. Offsetting this were data showing China's industrial production beating expectations with 5.7% growth, while retail sales rose 8.2% y/y. U.S. markets are closed today, so conditions will be thin and operating participants noncommittal.