Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as the greenback reversed the overnight gains as Treasury Yields retreat. CNH saw the largest win of 0.27%, followed by CNY 0.23%, SGD 0.16%, INR 0.03%; the largest losers are KRW 1.05%, IDR 0.62%, TWD 0.45%, PHP 0.37%, THB 0.15% and HKD 0.05%.

USD/CNH is trading lower at 7.2537 from 7.2735 previously closed. Onshore spot USD/CNY is trading lower at 7.2327 than 7.2492 previously closed. 12 month NDF followed both the on/offshore market and is trading lower at 7.0290 compared to 7.0419 previously closed.

USD/IDR spot market is trading higher at 16265 than 16160 previously closed. 1 month NDF is trading lower at 16242 from 16245 previously closed.

USD/INR onshore spot market is trading lower at 83.31 from 83.34 previously closed. 1 month NDF is trading lower at 83.38 from 83.45 previously closed.

NA Session

The USD extended European losses in North America, with US data coming in on the soft side. Q1 GDP was revised down to 1.3% from 1.6% as expected, the revisions led by consumer spending which was revised to2.0% from 2.5%, while cote PCE prices saw a marginal downward revision to 3.6% from 3.7%. Initial claims saw a marginal rise to 219k from 216k but the big surprise was a wider advance goods trade deficit fir April, of $99.4bn versus $92.3bn in March, which adds to risk of another subdued quarter from GDP in Q2. Later April pending home sales reported a sharp 7.7% decline.

EUR/USD advanced to 1.0835 from 1.0815 ahead of the data while GBP/USD rose to 1.2735 from 1.2710. USD/CAD fell to 1.3680 from 1.3710 while AUD/USD rose to .6635 from .6620. USD/JPY was relatively resilient, moving slightly above pre-data levels to around 156.80 with only a brief dip. EUR/CHF and EUR/SEK extended European losses, falling below .98 and 11.50 respectively.