Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly weaker against the USD as risk sentiment continues to tread lower on soft global outlook. The biggest loser is THB by 0.6%, followed by INR 0.57%, IDR 0.43%, MYR 0.29%, KRW 0.27%, TWD 0.25%, PHP 0.2%, CNY 0.06% and CNH 0.02%; the only winners are SGD 0.18% and HKD by 0.01%.

USD/CNH is trading higher at 7.2549 from 7.2532 previously closed. Onshore spot market is trading higher at 7.2510 from 7.2463 previously closed. 12 month NDF followed both the on/offshore market and is trading higher at 7.0823 compared to 7.0795 previously closed.

USD/IDR spot market is trading higher at 16345 from 16275 previously closed. 1 month NDF is trading higher at 16344 from 16300 previously closed.

USD/INR onshore spot market is trading higher at 87.20 from 86.70 previously closed. 1 month NDF is trading higher at 87.29 from 86.90 previously closed.

NA Session

Growing worries about emerging weakness in the US economy were fuelled by a weaker February consumer confidence report, falling to 98.3 from 105.3, and this saw the USD mostly weaker, in a move that was underway even before the release. EUR/USD moved above 1.05 from 1.0475 while USD/JPY slipped as low as 148.57 from 149.75 before correcting to near 149. GBP/USD mirrored EUR/USD. 

An exception to the weaker USD picture was a rise in USD/CAD to highs above 1.43 from 1.4250 as tariff worries persisted. AUD/USD had less direction, but moved off European lows.