Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as the greenback lost partial early gains in the U.S. session. TWD saw the largest losses of 0.15%, followed by SGD 0.13%, CNH 0.08%, CNY 0.05% and HKD 0.02%; the biggest winner is MYR by 0.17%, KRW and IDR 0.12%, THB 0.1%, PHP 0.06% and INR 0.04%.

USD/CNH is trading higher at 7.2893 from 7.2832 previously closed. Onshore spot USD/CNY is trading higher at 7.2629 than 7.2594 previously closed. 12 month NDF followed both the on/offshore market and is trading higher at 7.0656 compared 7.0623 to previously closed.

USD/IDR spot market is trading lower at 16375 from 16394 previously closed. 1 month NDF is trading higher at 16409 from 16402 previously closed.

USD/INR onshore spot market is trading lower at 83.43 than 83.47 previously closed. 1 month NDF is trading lower at 83.50 than 83.54 previously closed.

NA Session

The USD was slightly stronger in North America with USD/JPY moving back above 159.50 though a dip in EUR/USD below 1.07 was not sustained leaving EUR/USD little changed on the session. GBP/USD also reversed a dip moving back to near 1.27. US data had little impact with consumer confidence little changed and near consensus. Fed’s Bowman was hawkish early on suggesting further tightening could be seen if progress on inflation stalled but Cook was more balanced, stating easing would become  appropriate at some point.

USD/CAD saw a sharp 50 pip slide to a low of 1.3626 after May Canadian CPI unexpectedly increased to 2.9% yr/yr from 2.7%, though subsequently returned to near 1.3650 to leave USD/CAD little changed on the day.