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Published: 2024-04-24T00:00:02.000Z

Asia Open - Overnight Highlights

byCephas Kin Long Yung

FX Analyst
2

EMERGING ASIA

EM currencies perform mostly individually against the USD as the greenback fell in the New York session with improving sentiment. THB saw the largest losses of 0.18%, followed by CNH 0.13%, MYR 0.07% and CNY 0.02%; while the biggest winner is TWD by 0.17%, IDR 0.09%, KRW 0.08%, PHP 0.06%, SGD and INR 0.04% and HKD 0.01%.

USD/CNH is trading higher at 7.2605 compared to the 7.2507 at previously closed. Onshore spot USD/CNY is trading higher at 7.2452 from 7.2436. 12 month NDF followed both the on/offshore market and is trading higher at 7.0658 compared to 7.0578 previously closed.

USD/IDR spot market is trading lower at 16220 from 16237 previously closed. 1 month NDF is trading lower at 16165 from 16260 previously closed.

USD/INR onshore spot market is trading lower at 83.34 from 83.36. 1 month NDF is trading lower at 83.39 from 83.46 previously closed.

NA Session

The USD slipped in North America, largely on weaker S and P PMI data, manufacturing at 49.9 from 51.9 and services at 50.9 from 51.7. An 8.8% rise in new home sales shortly after was ignored. Equities were firmer, allowing commodity currencies to rise, while EUR/USD moved above 1.07. Before the data GBP saw support from comments from BoE’s Pill, who sated he was erring on the side of caution on cutting rates. GBP/USD reached 1.2450 while EUR/GBP fell below .86.

USDJPY saw a volatile day, falling below 154.60 from 154.85 on the PMI data before reversing most of the slide even as USD losses were sustained elsewhere. However a Nikkei report that the BoJ would discuss the impact of JPY weakness at its upcoming meeting delivered another sudden slide to a marginal fresh low for the day at 154.56 though this slide was also largely reversed, as USD/JPY returned to 154.80. 

 

 

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Topics
FX Highlights
Foreign Exchange
Asian Open

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