Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading individually against the greenback while market participants quietly awaits result from U.S.-Iran trade talks. The biggest winners are TWD by 0.31%, CNY 0.2%, IDR 0.18%, THB 0.15%, CNH 0.14%, MYR 0.06% and INR 0.04%; while the largest losers are KRW 0.45%, PHP 0.2%, HKD 0.04% and SGD 0.02%.

USD/CNH is trading lower at 6.8444 from 6.8538 previously closed. Onshore spot market is trading lower at 6.8475 from 6.8612 previously closed. 12 month NDF followed both the on/offshore market and is trading lower at 6.7212 from 6.7343 previously closed.

USD/IDR spot market is trading lower at 16755 from 16785 previously closed. 1 month NDF is trading lower at 16766 from 16783 previously closed.

USD/INR onshore spot market is trading lower at 90.91 from 90.95 previously closed. 1 month NDF is trading higher at 91.24 from 91.06 previously closed.

NA Session

After a quiet European morning the USD advanced in North America as equities came under pressure, particularly versus the riskier currencies, but came off its highs in the afternoon as equities came off their lows, assisted by signs of progress in US-Iran talks.

USD/JPY moved from marginally below to marginally above 156 but EUR/USD was little changed near 1.18, while USD gains versus AUD and CAD were also largely erased. GBP underperformed as the results of a by-election where the ruling Labour Party was struggling to hold a previously safe seat were awaited, with GBP/USD falling below 1.35 from 1.3550 and EUR/GBP rising to .8750 from 8720. While UST yields slipped, Gilt yields slipped further.

Data showed US initial claims up to 212k from 208k but still below expectations. Fed’s Miran called for four 25bps easings in 2026.