Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly weaker against the USD as the greenback was steady before the New York session. IDR saw the largest losses of 0.45%, followed by THB 0.39%, PHP 0.26%, TWD 0.25%, KRW 0.22%, MYR 0.16%, INR 0.07%, CNY 0.04%, CNH and HKD 0.02%.

USD/CNH is trading higher at 7.3070 from 7.3052 previously closed. Onshore spot USD/CNY is trading higher at 7.2712 than 7.2684 previously closed. 12 month NDF followed both the on/offshore market and is trading higher at 7.0873 compared 7.0863 to previously closed.

USD/IDR spot market is trading higher at 16396 from 16321 previously closed. 1 month NDF is trading higher at 16397 from 16387 previously closed.

USD/INR onshore spot market is trading higher at 83.50 than 83.44 previously closed. 1 month NDF is trading higher at 83.57 than 83.54 previously closed.

NA Session

The USD slipped early in the North American session, the move extended by dovish-leaning comments from Fed’s Powell, who said that prices were showing signs of resuming disinflation, though more such data was needed. The reaction to Powell was however largely erased when May job openings showed an unexpected rise of 221k though this followed two straight declines of over 400k.

The afternoon saw the USD moving back to near the post-Powell lows, though USD/JPY was more resilient, settling in mid-range near 161.50. EUR/USD advanced to near 1.0750 while USD/CAD saw a particularly sharp fall to 1.3670. AUD/USD showed only modest gains to .6670. EUR advanced versus the CHF but slipped versus the GBP.