Asia Open - Overnight Highlights

EMERGING ASIA
EM currencies perform mostly weaker against the USD as the greenback was steadily solid in earlier Asia and London session. PHP saw the largest losses of 0.75%, followed by KRW 0.67%, IDR 0.49%, TWD 0.46%, THB 0.26%, CNH and HKD 0.02% and CNY 0.01%; while the biggest winner is INR by 0.09%, MYR 0.05% and SGD by 0.04%.
USD/CNH is trading higher at 7.2512 compared to the 7.2496 at previously closed. Onshore spot USD/CNY is trading higher at 7.2393 from 7.2387. 12 month NDF followed both the on/offshore market and is trading higher at 7.0648 compared to 7.0540 previously closed.
USD/IDR spot market is trading higher at 16260 from 16179 previously closed. 1 month NDF is trading higher at 16236 from 16230 previously closed.
USD/INR onshore spot market is trading lower at 83.47 from 83.54. 1 month NDF is trading lower at 83.49 from 83.62 previously closed.
NA Session
The main move in the North American session was a weaker GBP, encouraged by BoE’s Ramsden expressing greater confidence that inflationary persistence was easing and that the balance of risks had oved to the downside. GBP/USD fell by a big figure to 1.2370. EUR/USD was dragged down to 1.0611 before recovering to around 1.0650 as EUR/GBP moved above .86.
USD/JPY held firm around 154.60 and the commodity currencies had little direction. There was no US data but the normally dovish Fed’s Goolsbee stated that the latest three months of inflation data could not be dismissed.