Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as most of the action against greenback came at the New York session. The biggest loser is CNH by 0.27%, followed by SGD 0.23%, CNY 0.13%, INR 0.05% and PHP 0.04%; the biggest winners are MYR 0.25%, IDR 0.15%, THB 0.14%, TWD and KRW 0.12% and HKD by 0.08%.

USD/CNH is trading higher at 7.2550 from 7.2352 previously closed. Onshore spot market is trading higher at 7.2523 from 7.2429 previously closed. 12 month NDF followed both the on/offshore market and is trading higher at 7.0800 compared to 7.0696 previously closed.

USD/IDR spot market is trading lower at 16313 from 16338 previously closed. 1 month NDF is trading higher at 16323 from 16276 previously closed.

USD/INR onshore spot market is trading higher at 86.70 from 86.66 previously closed. 1 month NDF is trading higher at 86.83 from 86.70 previously closed.

NA Session

The USD took a hit on a weak February services PMI of 49.7 from 52.9, though manufacturing edged up to 51.6 from 51.2. Soon after February’s final Michigan CSI saw the 5-10 year inflation view revised up to 3.5% from 3.3%, and the USD rebounded, with the exception of USD/JPY which continued to slide, with UST yields and equites falling.  

USD/JPY fell from near 150.50 to near 149. CHF was also relatively firm with EUR/CHF falling below .94. EUR/USD ended little changed from the European morning while GBP/USD saw marginal further losses. The commodity currencies were weaker, USD/CAD rising to 1.4230 from 1.42 and AUD/USD falling to .6355 from 0.6390. BoC’s Macklem outlined the damage tariffs could potentially do to the Canadian economy, but had little market impact.