Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly weaker against the USD as the greenback recoup partial post CPI losses. KRW saw the largest losses of 0.74%, followed by TWD 0.32%, PHP 0.25%, IDR 0.19%, THB 0.18%, CNH 0.15%, MYR 0.1%, CNY 0.04% and HKD 0.01%; the biggest winners are INR 0.20% and SGD 0.07%.

USD/CNH is trading higher at 7.2337 compared to the 7.2227 at previously closed. Onshore spot USD/CNY is trading higher at 7.2243 from 7.2214 previously closed. 12 month NDF followed both the on/offshore market and is trading higher  at 7.0205 compared to 7.0128 previously closed.

USD/IDR spot market is trading higher at 15955 from 15924 previously closed. 1 month NDF is trading higher at 15966 from 15936 previously closed.

USD/INR onshore spot market is trading lower at 83.33 from 83.49 previously closed. 1 month NDF is also trading lower at 83.39 from 83.56.

NA Session

The USD more than fully reversed European gains in North America. There was not much news. The one data release, April’s leading indicator, was weaker than expected at -0.6%, and Fed’s Bowman reiterated a hawkish stance, willing to hike if inflation progress stalls or reverses.

EUR/USD rose 35 pips to 1.0875. EUR lost ground to GBP as GBP/USD moved above 1.27, though EUR/CHF was stronger, reaching .9875. AUD/USD advanced 50 pips to .67, outperforming the CAD as USD/CAD found support at 1.36. For the most part the USD finished near the lows but USD/JPY, after slipping from 155.90 to 155.25, recovered to around 155.65.