Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly stronger against the USD as the greenback treads lower along with U.S. Treasury Yields. The only loser is TWD by 0.12%; the biggest winners are SGD 0.7%, CNH 0.68%, CNY 0.5%, KRW 0.44%, INR 0.33%, MYR 0.31%, PHP 0.28%, THB 0.1% and THB by 0.01%.

USD/CNH is trading lower at 7.2352 from 7.2842 previously closed. Onshore spot market is trading lower at 7.2429 from 7.2788 previously closed. 12 month NDF followed both the on/offshore market and is trading lower at 7.0696 compared to 7.1024 previously closed.

USD/IDR spot market is trading unchanged at 16330 than previously closed. 1 month NDF is trading lower at 16276 from 16370 previously closed.

USD/INR onshore spot market is trading lower at 86.66 from 86.94 previously closed. 1 month NDF is trading lower at 86.70 from 87.12 previously closed.

NA Session

The USD drifted lower through the North American session with EUR/USD leading the way with a rise to 1.05, though gains in EUR/GBP were modest. AUD/USD reached 0.64 while USD/CAD fell to 1.4175. USD/JPY slipped as low as 149.40 before correcting. 

There was no major story behind the move. US data had little impact, with initial claims rising to a still low 219k from 214k and February’s Philly Fed manufacturing survey slipping to a still healthy 18.1 from 44.3. Fed talk was mixed, with Bostic on the dovish side but Musalem more hawkish.