Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly stronger against the USD as the greenback is trading broadly stronger against majors. THB saw the largest losses of 0.78%, followed by PHP 0.61%, KRW 0.55%, MYR 0.23%, TWD 0.14%, IDR 0.13%, HKD 0.08% and CNY 0.03%; the only winners are INR 0.03% and SGD 0.01%.

USD/CNH is trading unchanged at 7.2469 from previously closed. Onshore spot USD/CNY is trading higher at 7.2376 from 7.2355 previously closed. 12 month NDF followed both the onshore market and is trading higher at 7.0282 compared to 7.0278 previously closed.

USD/IDR spot market is trading higher at 15999 from 15978 previously closed. 1 month NDF is trading lower at 16013 from 16039 previously closed.

USD/INR onshore spot market is trading lower at 83.31 from 83.33 previously closed. 1 month NDF is also trading lower at 83.37 from 83.39.

NA Session

The most significant market move came in USD/CAD, which bounced to 1.3675 from 1.3620 on a softer Canadian CPI before settling near 1.3650. Yr/yr growth fell to 2.7% from 2.9% while progress lower in the BoC’s core rates raised hopes for a June BoC easing. 

Elsewhere there was little net movement. The USD briefly spiked with front end yields on comments by Fed’s Waller who said several more months of good inflation were needed to cut rates, though the details of the remarks were more balanced and the move quickly faded. USD/JPY later saw a brief move below 156 but this was not sustained.