Asia Open - Overnight Highlights

EMERGING ASIA
EM currencies are trading mostly stronger against the greenback as the USD trades lower on global optimism of the ceasefire between Israel and Iran. The largest winners are KRW 1.7%, followed by MYR 1.06%, THB 1.02%, INR 0.9%, IDR 0.83%, PHP 0.8%, TWD 0.7%, SGD 0.38%, CNH by 0.13% and CNY 0.1%.
USD/CNH is trading lower at 7.1656 from 7.1751 previously closed. Onshore spot market is trading lower at 7.1714 from 7.1789. 12 month NDF followed both the on/offshore market and is trading lower at 6.9890 from 6.9971 previously closed.
USD/IDR spot market is trading lower at 16354 from 16492 previously closed. 1 month NDF is trading lower at 16305 from 16466 previously closed.
USD/INR onshore spot market is trading lower at 85.97 from 86.75. 1 month NDF is trading lower at 86.08 from 86.45 previously closed.
NA session
The USD lost some ground with Fed Chairman Powell, stating that while an expected tariff pass-through to inflation was keeping rates above neutral, it was possible inflation could come in less strong than expected, and that sustained hopes that easing could be seen by September. A fall in consumer confidence to 93.0 in June from 98.4 may also have contributed, this following declines in April house prices in surveys from FHFA and S and P Case-Shiller. In addition to Powell, Fed speakers Bostic, Hammack, Williams and Kashkari expressed caution towards easing, with Hammack particularly hawkish.
USD/CHF fell to .8050 from .8090 as EUR/CHF fell to .9350 from near .94. EUR/USD did advance to 1.1620 from 1.16 while EUR/GBP was stable near .8525 after slipping in Europe. USD/JPY slipped to 144.70 from near 145 but AUD/USD was little changed and USD/CAD more than fully reversed a dip below 1.37. Equities were positive and oil weaker with angry comments from Trump towards both Israel and Iran appearing to restore the ceasefire after some violations.