Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly stronger against the USD as USD further slumps from lower CPI and tariff complication. The biggest winner is THB by 1.07%, followed by KRW 1.03%, SGD 0.8%, MYR 0.6%, CNH 0.5%, TWD 0.46%, CNY & IDR 0.39% and HKD 0.04%; while the only loser is PHP 0.07%.

USD/CNH is trading lower at 7.3094 from 7.3460 previously closed. Onshore spot market is trading lower at 7.3175 from 7.3463 previously closed. 12 month NDF followed the offshore market and is trading lower  at 7.1409 compared to 7.1886  previously closed.

USD/IDR spot market is trading lower at 16800 from 16865 previously closed. 1 month NDF is trading lower at 16867 from 16894 previously closed.

USD/INR onshore spot market is closed . 1 month NDF is trading higher at 86.53 from 86.37 previously closed.

NA Session

Equities struggled while not fully erasing the Wednesday bounce, given realization that significant tariffs and uncertainty persisted. A softer than expected US March CPI, -0.1% overall with a 0.1% increase ex food and energy had little impact. Fed talk from Logan, Schmid and Goolsbee was largely hawkish. A decent 30-year auction provided some relief though the curve still saw sharp pivotal steepening. 

The USD moved steadily lower in Europe and North America before a modest late correction. USD/JPY fell from 147 to test 144 while EUR/USD saw highs above 1.12 from below 1.10. EUR/GBP rebounded to .8630 from .8640 but EUR/CHF fell to .9230 from .9360. USD/CHF plunged to .8250 from .8550, while GBP/USD tested 1.30 from 1.2850. USD/CAD traded below 1.40 for the first time since early December while AUD/USD pushed above .62.