Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly weaker against the USD as USD moved higher along U.S. Treasury Yields The biggest losers are PHP by 0.51%, followed by MYR 0.48%, IDR 0.42%, TWD 0.28%, THB 0.24%, CNY 0.04% and INR 0.01%; the largest loser are, KRW 0.07%, HKD 0.02% and CNH 0.01%.

USD/CNH is trading lower at 7.1357 from 7.1364 previously closed. Onshore spot market is trading higher at 7.1235 from 7.1206 previously closed. 12 month NDF followed the offshore market and is trading lower at 6.9513 compared to 6.9550 previously closed.

USD/IDR spot market is trading higher at 15567 from 15504 previously closed. 1 month NDF is trading higher at 15584 from 15559 previously closed.

USD/INR onshore spot market is trading unchanged at 84.07. 1 month NDF is trading higher at 84.19 from 84.18 previously closed.

North America Session

In a quiet session the USD was modestly firmer, though equities and UST yields saw little movement. USD/JPY saw highs above 151 and settled near the figure while EUR/USD saw lows just below 1.08. 

Comments from ECB officials, Lagarde early and later Rehn and Villeroy generally supported easing hopes. BoE’s Bailey gave little away on policy but Greene was quite cautious. GBP/USD recovered from an early dip seeing EUR/GBP reversing earlier gains to return to European lows near .8320.  EUR/CHF was weaker, falling below .9350.  The commodity currencies were quiet but USD/CAD was slightly weaker.