Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly weaker against the USD as the greenback stays solid after some modest volatility. THB saw the largest losses of 0.30%, followed by SGD 0.24%, CNH and IDR 0.15%, CNY 0.14%, TWD 0.06%, HKD 0.04%, INR and PHP 0.02%; the only winners are KRW 0.22% and MYR 0.01%.

USD/CNH is trading higher at 7.2253 compared to the 7.2142 at previously closed. Onshore spot USD/CNY is trading higher at 7.2186 from 7.2088 previously closed. 12 month NDF followed both the on/offshore market and is trading lower at 7.0250 compared to 7.0080 previously closed.

USD/IDR spot market is trading higher at 16049 from 16025 previously closed. 1 month NDF is trading higher at 16084 from 16043 previously closed.

USD/INR onshore spot market is trading higher at 83.51 from 83.49 previously closed. 1 month NDF is trading lower at 83.56 from 83.57 previously closed.

NA Session

The USD saw some early slippage in North America, but ended stronger as equities gave up earlier gains before stabilizing. USD/JPY pushed up to a high of 154.75. There was not much news. Fed’s Kashkari sounded quite hawkish but March consumer credit was weaker than expected with a rise of $6.27bn.

GBP and CAD were particularly weak, GBP/USD testing 1.25 after reaching 1.2570 and USD/CAD rising to 1.2725 from 1.2675. EUR/USD was more resilient finding support near 1.0750 as EUR/GBP tested .86. AUD/USD found support near its earlier low of .6587 as AUD/CAD moved above .9050.