Asia Open - Overnight Highlights
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EMERGING ASIA
EM currencies perform mostly weaker against the USD as the greenback remains solid in earlier Asia session before slipping the the London and New York session. KRW saw the largest losses of 0.52%, followed by THB 0.44%, MYR 0.16%, PHP 0.10%, TWD 0.08%, CNH and HKD 0.05%, CNY 0.01%; the only winners are INR 0.22% and SGD 0.14%.
USD/CNH is trading higher at 7.2615 from 7.2578 previously closed. Onshore spot USD/CNY is trading higher at 7.2436 from 7.2429 previously closed. 12 month NDF followed both the onshore market and is trading higher at 7.0331 compared to 7.0337 previously closed.
USD/IDR spot market is closed. 1 month NDF is trading higher at 16050 from 16100 previously closed.
USD/INR onshore spot market is trading lower at 83.09 from 83.28 previously closed. 1 month NDF is trading lower at 83,15 from 83.37 previously closed.
NA Session
The USD slipped steadily through the North American session, the move gaining some momentum on the final May Michigan CSI release. While the index was revised up to 69.1 from 67.4, markets focused on downward revisions to inflation expectations, the 1-year view to 3.3% from 3.5% and the 5-10 year view to 3.0% from 3.1%. Earlier a stronger than expected April durable goods orders gain of 0.7%, 0.4% ex transport, was ignored.
EUR/USD saw modest gains to 1.0850, the EUR slipping versus the GBP but holding firm versus the CHF. USD/JPY slipped from a little above 157 to a little below before settling near the figure. CAD was particularly firm, USD/CAD slipping to 1.3670 from 1.3720. This was despite a weaker than expected 0.2% decline in March Canadian retail sales, which included an estimate for a 0.7% increase in April. AUD/USD extended gains to .6630.