Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly weaker against the USD as the broad risk sentiment rebounds. The only winner is HKD by 0.02%; while the largest losers are SGD by 0.53%, followed by MYR 0.5% KRW 0.37%, THB 0.36%, IDR 0.3%, CNH 0.26%, CNY 0.21%, TWD 0.14%, PHP 0.12% and INR 0.07%.

USD/CNH is trading higher at 7.3122 from 7.2934 previously closed. Onshore spot market is trading higher at 7.3076 from 7.2919 previously closed. 12 month NDF followed the offshore market and is trading higher at 7.1192 compared to 7.1062 previously closed.

USD/IDR spot market is trading higher at 16860 from 16807 previously closed. 1 month NDF is trading higher at 16884 from 16853 previously closed.

USD/INR onshore spot market is trading lower at 85.19 from 85.14 previously closed. 1 month NDF is trading lower at 85.40 from 85.35 previously closed.

NA Session

The USD continued to recover, largely erasing Monday’s losses as equities rallied and the UST curve flattened, also in corrections from Monday’s moves. The primary catalyst was a remark from Treasury Secretary Bessent, who saw the US-China trade situation as unsustainable and expected de-escalation.  

USD/JPY led the way, advancing from 140.50 to 141.50. EUR/USD extended European losses to 1.1425. While the USD gains were broad based, USD/CAD was an exception, slipping to 1.3825 from 1.3860. AUD/CAD slipped to .88.