Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly individually against the USD as the greenback volatility revolves mostly around the JPY. SGD saw the largest losses of 0.28%, followed by CNH 0.18%, IDR 0.14%, CNY 0.09%, KRW 0.04%, INR 0.03% and HKD 0.01%; while the biggest winner is PHP by 0.19%, MYR 0.17%, THB 0.16%, HKD 0.05% and TWD 0.02%.

USD/CNH is trading higher at 7.2687 compared to the 7.2553 at previously closed. Onshore spot USD/CNY is trading higher at 7.2464 from 7.2399. 12 month NDF followed both the on/offshore market and is trading higher at 7.0650 compared to 7.0616 previously closed.

USD/IDR spot market is trading higher at 16210 from 16188 previously closed. 1 month NDF is trading higher at 16242 from 16222 previously closed.

USD/INR onshore spot market is trading higher at 83.34 from 83.32 previously closed. 1 month NDF is trading lower at 83.49 from 83.36 previously closed.

NA Session

While March US core PCE price index provided modest relief in rising by an as expected 0.3%, the USD traded higher in North America. USD/JPY led the way, rising by around a big figure to near 157.80 with no significant correction from its high. Elsewhere the USD moved off its highs to record only modest gains, EUR/USD setting in mid-range near 1.07 after bottoming at 1.0674. Other pairs showed similar moves, GBP/USD slightly outperforming EUR/USD as EUR/GBP slipped to .8560.

US March personal income rose by an as expected 0.5% while spending exceeded consensus with a 0.8% increase, though we had already seen Q1 totals in the GDP breakdown. April’s final Michigan CI saw only a marginal revision, down to 77.2 from 77.9.