Asia Open - Overnight Highlights

EMERGING ASIA
EM currencies perform mostly weaker against the USD as the greenback rebounded from the overnight low, especially in the Asia and London session. THB saw the largest losses of 0.77%, followed by PHP 0.34%, KRW 0.18%, TWD 0.15%,INR 0.12%, CNH 0.05%, MYR 0.04%, CNY, IDR and HKD 0.03%, SGD by 0.01%.
USD/CNH is trading higher at 7.2057 compared to the 7.2051 at previously closed. Onshore spot USD/CNY is trading higher at 7.1964 from 7.1940 previously closed. 12 month NDF followed both the on/offshore market and is trading higher at 6.9994 compared to 6.9963 previously closed.
USD/IDR spot market is trading higher at 15598 from 15590 previously closed. 1 month NDF is trading higher at 15610 from 15597 previously closed.
USD/INR onshore spot market is trading higher at 82.94 from 82.84. 1 month NDF is trading higher at 82.98 from 82.93 previously closed.
NA Session
USD/JPY dropped around 30 pips with 150.30 the low but there was otherwise little movement in FX in the North American session, although USD/CAD edged up slightly, nudging above 1.35.
The market was very quiet, with no data, but UST yields were lower. This followed overnight comments from the Fed’s Waller echoing the general recent chorus that there is no hurry to cut rates though in saying he needed to see at least a couple of months of inflation data seemed to leave a Q2 move as possible. Fed’s Williams later said he expects easing later this year, but could consider tightening if the economic outlook changed materially.