Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as the greenback's recovery in the early session is partially reversed in the New York session. SGD saw the largest gains of 0.23%, followed by PHP 0.15%, CNH and CNY 0.02%; while the biggest loser are IDR 0.42%, TWD 0.38%, THB 0.28%, KRW 0.17%, HKD 0.07%, INR and CNY 0.03%.

USD/CNH is trading lower at 7.1215 from 7.1229 previously closed. Onshore spot USD/CNY is trading higher at 7.1238 from 7.1219 previously closed. 12 month NDF followed the offshore market and is trading lower at 6.9310 compared 6.9380 to previously closed.

USD/IDR spot market is trading higher at 15495 from 15439 previously closed. 1 month NDF is trading lower at 15480 from 15481 previously closed.

USD/INR onshore spot market  is trading higher at 83.92 from 83.90 previously closed. 1 month NDF is trading higher at 84.00 from 83.94 previously closed.

North America Session

The USD was generally weaker in North America. USD/JPY drifted steadily lower from around 144.80 to touch marginally below 144. EUR/USD saw early weakness but found support at 1.1150 before bouncing in the afternoon to 1.1185. EUR/GBP remained weaker as GBP/USD rose to 1.3260 while EUR/CHF losses extended to .9410 as USD/CHF fell to .8415. USD/CAD slipped to 1.3450 while AUD/USD gains stalled just ahead of .68.

US consumer confidence rose to 103.3 from 101.9 but detail showed softer views on the labor market and inflation expectations, helping to maintain pressure on the USD. Fed minutes on the Discount Rate showed the Chicago and more significantly New York Feds called for a cut in July.