Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly stronger against the USD with the broad risk sentiment tilts positive on more potential auto tariff easing. The biggest winners are MYR by 0.85%, followed by THB 0.78%, TWD 0.74%, IDR 0.55%, PHP 0.5%, CNH 0.23%, CNY 0.22%, KRW 0.15% and SGD 0.07%; while the largest losers are INR by 0.26%, followed by HKD 0.03%.

USD/CNH is trading lower at 7.2679 from 7.2846 previously closed. Onshore spot market is trading lower at 7.2714 from 7.2874 previously closed. 12 month NDF followed both the on/offshore market and is trading lower at 7.0946 compared to 7.1074 previously closed.

USD/IDR spot market is trading lower at 16762 from 16855 previously closed. 1 month NDF is trading lower at 16729 from 16817 previously closed.

USD/INR onshore spot market is trading higher at 85.25 from 85.03 previously closed. 1 month NDF is trading lower at 85.40 from 85.59 previously closed.

NA Session

The USD took an early hit as the March advance trade deficit rose to a record $162.0bn from $147.8bn in February on a pre-tariff surge in imports, raising the risk of a decline in Q1 GDP. Subsequent data was also weak, a 288k decline in March job openings, and a fall in April consumer confidence to 86.0 from 93.9, but these had less market impact. UST yields fell, but equities were firmer, supported by reduced tariffs on imported auto parts. 

USD/JPY fell to 142 from 142.75 while EUR/USD moved above 1.14 from 1.1375. USD/JPY later saw a partial recovery to 142.35, while EUR/USD gains were largely erased. Despite resilient equities, AUD/USD slipped below 0.64. USD/CAD was choppy in a range centered around 1.3840.