Asia Open - Overnight Highlights

EMERGING ASIA
EM currencies perform mostly weaker against the USD as the greenback gathered strength on geopolitical tension. THB saw the largest losses of 1.19%, followed by KRW 0.86%, SGD 0.68%, TWD 0.57%, CNH 0.47%, IDR and CNY by 0.23%, PHP 0.07% and HKD 0.03%.

USD/CNH is trading higher at 7.2190 compared to the 7.1854 at previous close. Onshore spot USD/CNY is trading higher at 7.1877 from 7.1715. 12 month NDF followed the on/offshore market and is trading higher at 7.0280 compared to 6.9989 previous closed.
USD/IDR spot market is trading higher at 15593 from 15555 previously closed. 1 month NDF is trading higher at 15635 from 15552 previous closed.
USD/INR onshore spot market is trading higher at 83.07 from 82.88. 1 month NDF is trading higher at 83.17 from 82.94 previously closed.

NA Session

The USD strengthened through the US session, rising across the board but most notably against the JPY, supported by a general rise in US yields. USD/JPY gained around 60 pips to 147.20, but USD gains elsewhere were much more modest, with EUR/USD only losing around 10 pips, and AUD and GBP seeing similarly small declines. USD/CAD was net little changed on the session, after initially falling back 30 pips after stronger than expected Canadian CPI data, which showed larger than expected rises in all the core measures monitored by the BoC. 
US yield and USD gains came in spite of a much weaker than expected Empire manufacturing survey, which showed its lowest reading since the pandemic. Comments from Fed’s Waller, who said that easing would be cautious, supported the move.