Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading mostly weaker against the greenback as the USD rebounded strongly. The biggest lose is MYR by 0.47%, followed by KRW 0.44%, SGD 0.35%, THB 0.32%, INR 0.29%, PHP 0.22%, IDR 0.2%, CNH 0.18%, CNY 0.12%, TWD 0.1% and HKD by 0.03%.

USD/CNH is trading higher at 7.1896 from 7.1768 previously closed. Onshore spot market is trading higher at 7.1953 from 7.1864. 12 month NDF followed both the on/offshore market and is trading higher at 7.0110 compared to 6.9990 previously closed.

USD/IDR spot market is trading higher at 16273 from 16240 previously closed. 1 month NDF is trading higher at 16304 rom 16273 previously closed.

USD/INR onshore spot market is trading higher at 85.34 from 85.09. 1 month NDF is trading higher at 85.52 from 85.27 previously closed.

NA Session

After seeing an early correction from European gains, the USD advanced modestly to reach fresh highs after a stronger than expected May consumer confidence index, up to 98.0 from 85.7. moving above March’s level as well as April’s. Earlier April durable goods orders had fallen by 6.3% after a 7.6% March increase, with a 0.2% rise ex transport after a 0.2% March decline, both a little stronger than expected but with little market impact. 

USD/JPY advanced from near 144 to a high of 144.45 before slipping back to 144.30. EUR/USD slipped from 1.1370 to a low of 1.1324 before settling near 1.1335. GBP/USD found support at 1.35. AUD/USD was quiet near .6450 but USD/CAD advanced above 1.38 from 1.3765. Despite the strong data UST yields slipped but equities were stronger.