Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as the greenback only begin to reverse lost grounds in the New York session. KRW saw the largest win of 0.40%, followed by PHP 0.27%, MYR 0.14%, SGD 0.05%, TWD 0.03%; the largest losers are IDR 0.16%, CNH 0.06%, INR & HKD 0.05% and THB 0.03%.

USD/CNH is trading higher at 7.2636 from 7.2589 previously closed. Onshore spot USD/CNY is trading unchanged at 7.2445 than previously closed. 12 month NDF followed the offshore market and is trading higher at 7.0319 compared to 7.0305 previously closed.

USD/IDR spot market is trading higher at 16090 than 16072 previously closed.. 1 month NDF is trading higher at 16126 from 16082 previously closed.

USD/INR onshore spot market is trading higher at 83.18 from 83.13 previously closed. 1 month NDF is trading higher at 83.27 from 83.21 previously closed.

NA Session

The USD advanced in North America more than reversing losses seen in the European morning. There were no clear catalysts for the move. US May consumer confidence saw an unexpected increase to 102.0 from 97.5 but the USD advance actually took a pause after the release. Fed’s Kashkari said tightening was unlikely but not ruled out and he would not project more than two rate cuts in 2024.

USD/JPY reached 157.15 while EUR/USD and GBP/USD found support just above 1.0850 and 1.2750 respectively. AUD/USD fell below .6650 while USD/CAD touched above 1.3650.