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Published: 2025-05-19T00:00:03.000Z

Asia Open - Overnight Highlights

byCephas Kin Long Yung

FX Analyst
2

EMERGING ASIA

Most EM currencies are trading individually against the greenback as the week end with Moody downgrading the U.S.. The biggest winner is IDR by 0.46%, followed by THB 0.4%, PHP 0.19%, TWD 0.06% and INR 0.03%; while the largest loser is MYR 0.25%, followed by KRW 0.23%, SGD 0.21%, HKD 0.1%, CNY 0.09% and CNH 0.08%.

USD/CNH is trading higher at 7.2105 from 7.2049 previously closed. Onshore spot market is trading higher at 7.2136 from 7.2074. 12 month NDF followed both the on/offshore market and is trading higher at 7.0298 compared to 7.0242 previously closed.

USD/IDR spot market is trading lower at 16445 from 16529 previously closed. 1 month NDF is trading lower at 16510 from 16537 previously closed.

USD/INR onshore spot market is trading lower  at 85.52 from 85.55. 1 month NDF is trading higher at 85.75 from 85.65 previously closed.

 

NA Session

The USD picked up, with UST yields, after the Preliminary May Michigan CSI showed inflation expectations surging still further, the 1-year view to 7.3% from 6.5% and the 5-10 year view at 4.6% from 4.4%. Sentiment fell to 50.8 from 52.2. USD/JPY saw highs above 146 from 145.50 while EUR/USD saw lows below 1.1150 from 1.12. GBP/USD was more resilient, sending EUR/GBP down to .84. AUD/USD was also resilient, recovering from a dip below .64. USD/CAD tested 1.40 without breaking, from 1.3950. Equities were resilient despite a brief dip after the data. 

Before the Michigan CSI April US housing starts rose by 1.6% but with single starts lower and permits falling by 4.7% the data looked quite weak, but saw little response. Fed’s Bostic was quite hawkish, seeing a slowdown but not a recession and only one easing this year.  

 

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Topics
FX Highlights
Foreign Exchange
Asian Open

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