Asia Open - Overnight Highlights

EMERGING ASIA

Most EM currencies are trading individually against the greenback as EM currencies consolidate recent moves. The largest loser is MYR by 0.73%, followed by TWD 0.52%, INR 0.23%m CNH 0.12%, IDR 0.09% and HKD 0.04%,; while the biggest winner is THB by 1.23%, followed by CNY 0.73%, PHP 0.28% and SGD 0.08%.

USD/CNH is trading higher at 7.2098 from 7.2011 previously closed. Onshore spot market reopened lower at 7.2187 from 7.2713. 12 month NDF followed the offshore market and is trading higher at 7.0395 compared to 7.0350 previously closed.

USD/IDR spot market is trading lower at 16449 from 16455  previously closed. 1 month NDF is trading higher at 16464 from 16446 previously closed.

USD/INR onshore spot market is trading higher at 84.43 from 84.26. 1 month NDF is trading higher at 84.99 from 84.44 previously closed.

NA Session

The USD maintained a weaker tone in North America, the move assisted by a dip in UST yields after a successful 10-year auction. GBP/USD gains stalled once 1.34 was reached, but USD/JPY fell below 142.50. EUR/USD advanced to 1.1375 assisted by CDU leader Merz being elected Chancellor at the second attempt. EUR/GBP reversed most of its European losses to return to .85, while EUR/CHF remained firm near .9350.  

With oil firmer the commodity currencies advanced, AUD/USD reaching .65 and USD/CAD falling to 1.3765, a meeting between Trump and Canadian PM Carney seeing disagreements, but causing no real alarm. Earlier the US recorded a record trade deficit of $140.5bn, even wider than expected, as falling service exports added to a surge in goods imports ahead of the April 2 tariff announcement.