Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly weaker against the USD as the greenback follows rising U.S. Treasury Yields. The only winners are KRW by 0.14%, followed by HKD 0.07% and THB 0.06%; the biggest losers are IDR 0.37%, MYR 0.26%, PHP 0.23%, TWD 0.18%, CNY 0.15%, CNH 0.13%, INR 0.08% and SGD by 0.05%.

USD/CNH is trading higher at 7.2759 from 7.2663 previously closed. Onshore spot market is trading higher at 7.2755 from 7.2643 previously closed. 12 month NDF followed both the on/offshore market and is trading higher at 7.0928 compared to 7.0878 previously closed.

USD/IDR spot market is trading higher at 16278 from 16228 previously closed. 1 month NDF is trading lower at 16336 from 16342 previously closed.

USD/INR onshore spot market is trading higher at 86.96 from 86.87 previously closed. 1 month NDF is trading higher at 87.13 from 87.09 previously closed.

NA Session

There was not much FX movement in North America. UST yields were firmer and this helped USD/JPY advance to 152 after an early dip to near 151.50. EUR/USD ended in the lower half of a 1.0435 to 1.0485 range. 

Data had limited impact though a dip in February’s NAHB homebuilders’ index to 42 from 47 was a brief negative for the USD. Earlier February’s Empire State Manufacturing survey increased to 5.7 from -12.6. Canada’s January CPI rose to 1.9% from 1.8% yr/yr with gains in the BoC core rates, which helped USD/CAD to largely erase earlier gains.