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Published: 2025-07-04T00:00:03.000Z

Asia Open - Overnight Highlights

byCephas Kin Long Yung

FX Analyst
-

EMERGING ASIA

EM currencies are trading individually against the greenback as the USD performs its up and down on stronger than expected NFP and subsequent positive risk mood. The largest winners are TWD 0.65%, followed by INR 0.46%, IDR 0.27%, PHP 0.24% and MYR 0.11%; while the biggest losers are KRW 0.62%, SGD 0.19%, CNH 0.13% and CNY 0.1%.

USD/CNH is trading higher at 7.1703 from 7.1612 previously closed. Onshore spot market is trading higher at 7.1706 from 7.1631. 12 month NDF followed both the on/offshore market and is trading higher at 6.9977 from 6.9898. previously closed.

USD/IDR spot market is trading lower at 16198 from 16242 previously closed. 1 month NDF is trading higher at 16242 from 16211 previously closed.

USD/INR onshore spot market is trading lower at 85.32 from 85.71. 1 month NDF is trading lower at 85.52 from 85.73 previously closed.

NA Session

US non-farm payrolls saw a stronger than expected 147k increase with a fall in unemployment to 4.1% from 4.2%, but details were mixed with private payrolls at 74k and average hourly earnings at 0.2% both weaker than expected. At the same time weekly initial claims fell to 233k from 237k in a third straight decline. Later ISM services rose to 50.8 from 49.9 and in the afternoon the House passed the Senate’s budget bill, sending it on to President Trump. 

The USD initially bounced on the employment report and UST yields rose with the fall in unemployment making a July ease look unlikely. However, the bounce was sustained only for USD/JPY, which rose over a big figure to 145. Other pairs largely returned to near pre-data levels, which is where GBP/USD and AUD/USD broadly remained. EUR/USD at 1.1750 ended below pre-data levels but off post-data lows while USD/CAD after bouncing above 1.37 on the data fell slightly below pre-data levels.  

 

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Topics
FX Highlights
Foreign Exchange
Asian Open

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