A renewed risk-aversion wave gripped the holiday-thinned Asian trading following downbeat Chinese trade imports and exports data that heightened global economic slowdown fears. In response to this, the Asian markets slipped led by the declines in the Chinese equities while the Antipodeans, the proxies for China, also took a huge beating across the board. The safe-haven Yen rallied hard to test the 108 level versus its American peer, tracking the declines in the Treasury yields and the US equity futures. Amongst the European currencies, both the EUR and pound traded better bid amid a broadly weaker US dollar, as USDCNY extended its 3-day bearish momentum.

On the commodities’ front, both crude benchmarks and copper prices fell 1% amid China’s imports pain while gold futures on Comex advanced, with the 1300 level back on sight.

We have a quiet start to a busy week ahead, with a thin showing on the EUR calendar, as the main focus is likely to be centred on the Article 50 delay news a heading into the UK Parliamentary Brexit vote scheduled tomorrow. However, the Eurozone industrial production, due at 1000 GMT, could offer some trading incentives to the EUR, GBP traders. The industrial sector activity in Europe is expected to have contracted sharply in the month of November, with the output seen declining by 1% m/m and -1.4% y/y.

The North American session also remains data-light, with no releases from the US and the Canadian docket. But the NZIER business confidence and food price index data will be reported from New Zealand in the late-US session post-2100 GMT. There are no central bankers’ speeches lined up for today that will leave the fx space at the mercy of the broader market sentiment.