Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading individually against the greenback with a rebound in the broad risk atmosphere. The biggest winners are IDR 0.22%, followed by CNH 0.07%, TWD 0.06%, HKD 0,04%, PHP 0.03%, MYR 0.02% and CNY 0.01%; while the biggest losers are INR 0.35%, KRW 0.12%, THB 0.04% and SGD 0.01%.

USD/CNH is trading lower at 7.0670 from 7.0719 previously closed. Onshore spot market is trading lower at 7.0712 from 7.0720 closed before the national holiday. 12 month NDF followed both the on/offshore market and is trading lower at 6.9325 from 6.9335 previously closed.

USD/IDR spot market is trading lower at 16623 from 16659 previously closed. 1 month NDF is trading lower at 16623 from 16626 previously closed.

USD/INR onshore spot market is trading higher at 89.87 from 89.55 previously closed. 1 month NDF is trading higher at 90.12 from 89.80 previously closed.

NA Session

The USD tried the upper end of the daily range early in the session, but had slipped to the lower end of the range by the afternoon. A further late dip came as Trump referred to Kevin Hassett who was present with him as the potential Fed Chair. The bond reaction was modest, but the curve steepened marginally. Earlier Trump had stated he had made his decision on the Fed Chair but would not announce it until early 2026. 

Trump’s comment lifted EUR/USD, which had seen an earlier low below 1.16, to 1.1625. EUR/GBP was firmer near .88 from .8785 but GBP/USD recovered from two dips below 1.32 and EUR/CHF was weaker at .9335 from .9345. USD/JPY was only marginally lower near 155.90 and AUD/USD gains were similarly modest. USD/CAD however fell to 1.3970 from above 1.40.