Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly weaker against the USD as the greenback is supported by a rebound in Treasury Yields. IDR saw the largest losses of 0.79%, followed by KRW 0.39%, THB 0.30%, MYR 0.25%, SGD 0.16%, PHP 0.11%, CNY 0.04%, TWD 0.03%, HKD and INR 0.02% and CNY 0.01%.

USD/CNH is trading higher at 7.2711 from 7.2705 previously closed. Onshore spot USD/CNY is trading higher at 7.2558 than 7.2526 previously closed. 12 month NDF followed the both the on/offshore market and is trading unchanged at 7.0500 compared to previously closed.

USD/IDR spot market is trading higher at 16412 than 16270 previously closed. 1 month NDF is trading lower at 16505 from 16289 previously closed.

USD/INR onshore spot market is trading higher at 83.56 from 83.54 previously closed. 1 month NDF is trading unchanged at 83.62 than previously closed.

NA Session

USD/JPY saw an early dip below 157 but recovered modesty to around 157.30 through the session while USD/CHF slipped to 0.89. Elsewhere the USD saw early strength before a modest correction, with EUR/USD recovering to 1.07 after falling to 1.0670. GBP/USD remained weak, holding below 1.27 after an early break below, but USD/CAD fully reversed its earlier gains as AUD/CAD drifted lower.

There was not much news, though June’s Michigan CSI was weaker than expected at 65.6 from 69.1, the fall led by views on current conditions, while Fed’s Mester and Goolsbee welcome the May CPI data.