Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading mostly weaker against the greenback for strong haven bids grasp the market and sent USD flying. The biggest losers are KRW by 3.31%, TWD 0.58%, MYR 0.48%, PHP 0.43%, CNH 0.27%, SGD 0.23%, CNY 0.19%; while the only winners are HKD 0.21% and IDR 0.02%.

USD/CNH is trading higher at 6.9194 from 6.9010 previously closed. Onshore spot market is trading higher at 6.9181 from 6.9051 previously closed. 12 month NDF followed both the on/offshore market and is trading higher at 6.77794 from 6.7698 previously closed.

USD/IDR spot market is trading higher at 16857 from 16861 previously closed. 1 month NDF is trading higher at 16905 from 16881 previously closed.

USD/INR onshore spot market is closed. 1 month NDF is trading higher at 92.33 from 91.89 previously closed.

NA Session

Focus remained on the Middle East, with the USD rising in Europe and remaining firmer in North America, though coming off its highs. Equities opened weak but saw a partial recovery as the North American session progressed, assisted by a Trump promise to escort shipping through the Strait of Hormuz. There was no significant data but Fed’s Williams saw scope for easing if inflation fell as he expected.

USD/JPY peaked just below 158 after rising from 157.15 before correcting to near 157.60. EUR/USD slipped to a low of 1.1530 from 1.1670 before recovering to 1.1620. EUR/GBP slipped below .87 and EUR/CHF fell to .9080 from .9120. UK Chancellor Reeves’ spring statement brought few surprises. USD/CAD largely revered a bounce to 1.3750 from near 1.3650 while AUD/USD, after falling to .6950 from .71, recovered to around .7050.