Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading mostly stronger against the greenback as the USD was undermined in earlier sessions on Trump's latest round of tariffs. The largest winners are PHP 0.2%, followed by KRW & IDR 0.14%, SGD 0.06%, CNH 0.05%, INR 0.04%, CNY 0.03% and MYR 0.02%; while the biggest losers are TWD 0.31%.

USD/CNH is trading lower at 7.1789 from 7.1828 previously closed. Onshore spot market is trading lower at 7.1782 from 7.1807. 12 month NDF followed both the on/offshore market and is trading higher at 7.0067 from 7.0015 previously closed.

USD/IDR spot market is trading lower at 16220 from 16243 previously closed. 1 month NDF is trading lower at 16233 from 16266 previously closed.

USD/INR onshore spot market is trading lower at 85.64 from 85.68. 1 month NDF is trading higher at 85.83 from 85.81 previously closed.

NA Session

The USD saw early gains, assisted by a fourth straight fall in US initial claims, by 5k to 227k, though later corrected from its highs. European currencies remained softer, EUR/USD near 1.17 from 1.1730 while GBP/USD fell to 1.3580 from 1.3610. USD/JPY however at 146.20 erased most of its early gains as did USD/CAD at 1.3670. AUD/USD more than fully erased an early dip below .6550, rising to .6590 as AUD/CAD reached .90. Dovish afternoon comments from Fed’s Daly downplayed inflationary risks from tariffs, and while generating little market reaction, were supportive of the USD’s move off the highs.