Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD despite the global market turmoil on tariff uncertainty fear. The biggest winners are INR by 0.38%, followed by PHP & TWD 0.01%; while the largest losers are KRW 0.3%, MYR 0.15%, SGD 0.13%, THB 0.11%, HKD 0.04% and CNH 0.03%.

USD/CNH is trading higher at 7.2704 from 7.2680 previously closed. Onshore spot market is trading higher at 7.2626 from 7.2623 from previously closed. 12 month NDF followed both the on/offshore market and is trading higher at 7.0925 compared to 7.0907 previously closed.

USD/IDR spot market is trading lower at 16559 from 16562 previously closed. 1 month NDF is trading higher at 16614 from 16610 previously closed.

USD/INR onshore spot market is trading lower at 85.47 from 85.78 previously closed. 1 month NDF is trading lower at 85.79 from 85.92 previously closed.

NA Session

US data fuelled inflationary fears, with a 0.4% rise in the February core PCE price index and an upward revision to 5-10 year Michigan CSI inflation expectations to 4.1% from 3.9%. Personal income with a 0.8% rise exceeded a 0.4% rise in spending but the Michigan CSI headline was revised down to 57.0 from 57.9.  Equities saw a sharp decline, and UST yields fell, despite the inflationary warnings. 

The USD slipped, USD/JPY moving below 150 from 150.80, and EUR/USD advancing to 1.0825 from a low of 1.0765, more than fully erasing European losses. EUR also advanced versus GBP and CHF, with GBP/USD and USD/CHF lacking clear direction, as did a marginally softer AUD/USD. USD/CAD was little changed near 1.4320, a dip to a low of 1.4277 after Trump described a conversation with Canadian PM Carney as productive being reversed. Trump later stated he would follow through with tariffs on Canada.