Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly weaker against the USD despite the global market braces for the impact of Trump's latest tariff. The only winner is KRW by 0.05%; while the largest losers are THB 0.53%, followed by CNH 0.2%, CNY 0.18%, SGD 0.11%, TWD 0.03% and HKD 0.01%.

USD/CNH is trading higher at 7.2808 from 7.2659 previously closed. Onshore spot market is trading higher at 7.2705 from 7.2570 from previously closed. 12 month NDF followed both the on/offshore market and is trading higher at 7.1000 compared to 7.0855 previously closed.

USD/IDR spot market is trading higher at 16699 from 16580 previously closed. 1 month NDF is trading higher at 16760 from 16677 previously closed.

USD/INR onshore spot market is closed. 1 month NDF is trading higher at 85.83 from 85.68 previously closed.

NA Session

EUR/USD and USD/JPY were little changed near 1.0780 and 149.60 respectively. Risk sensitive currencies saw some gains as equities came of their lows, GBP/USD edging above 1.29, AUD/USD rising to 1.6270 from 1.6250 and USD/CAD falling from 1.44 to 1.4325. Canadian PM Carney promised retaliation on any fresh US tariffs while moves to oppose tariffs on Canada proceeded in the US Senate.  

US data did not make encouraging reading, February job openings down 194k with quits down and layoffs up, while March’s ISM manufacturing index fell to 40.0 from 50.3 with prices paid up to 69.4 from 62.4.