Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as the broad FX market is slow on the lack of economic release in Asia session. THB saw the largest gains of 0.19%, followed by PHP 0.15%, MYR 0.04%, IDR 0.03% and INR 0.01%; the biggest losers are TWD 0.15%, SGD 0.07%, CNY 0.06%, CNH 0.04% and HKD 0.03%.

USD/CNH is trading higher at 7.2886 from 7.2857 previously closed. Onshore spot USD/CNY is trading higher at 7.2726 than 7.2681 previously closed. 12 month NDF followed both the on/offshore market and is trading higher at 7.0817 compared 7.0745 to previously closed.

USD/IDR spot market is trading lower at 16251 from 16258 previously closed. 1 month NDF is trading lower at 16282 from 16291 previously closed.

USD/INR onshore spot market is trading lower at 83.49 from 83.50 previously closed. 1 month NDF is trading lower at 83.54 than 83.58 previously closed.

NA Session

Focus was on Fed Chairman Powell’s testimony to the Senate, in which he said that more good inflation data was needed before easing, and saw risks both from easing too soon or by too much, or too late or too little. While he also said the labor market was not overheated, yields edged higher, particularly at the long end, giving modest support to the USD. 

USD/JPY rose from near 160 to briefly hit 161.50 before returning to 161.30. EUR/USD saw only marginal slippage with 1.08 holding. EUR advanced versus GBP but slipped versus the CHF. AUD and CAD saw little change versus the USD, and in late trade saw marginal gains as the USD came off its highs.