Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as the greenback continue to perform strongly in early session but retraced such gains in New York session. THB saw the largest losses of 0.59%, followed by MYR 0.46%, TWD 0.31%, KRW 0.21%, PHP 0.15%, IDR and HKD 0.04% and CNY 0.02%; the only winners are SGD 0.05%, CNH 0.04% and INR 0.02%.

USD/CNH is trading lower at 7.2569 compared to the 7.2595 at previously closed. Onshore spot USD/CNY is trading higher at 7.2327 from 7.2308 previously closed. 12 month NDF followed the offshore market and is trading lower at 7.0451 compared to 7.0501 previously closed.

USD/IDR spot market is trading lower at 15897 from 15895 previously closed. 1 month NDF is trading higher at 15959 from 15955 previously closed.

USD/INR onshore spot market is trading lower at 83.38 from 83.40 previously closed. 1 month NDF is trading lower at 83.42 from 83.44 previously closed.

NA Session

In a quiet session the USD saw modest losses, with USD/JPY seeing a brief dip below 151.50 while EUR/USD peaked at 1/0779 before correcting to near 1.760. GBP and AUD sustained European gains but USD/CAD reversed most of its European losses. Equities were weaker.

February JOLTS data saw job openings in line with expectations, up 8k to 8756k though January was revised down from 8863k to 8748k. A 1.4% rise in February factory orders was slightly stronger than expected. Fed speakers Mester and Daly, both voters, this year, saw little urgency to cut rates though expect easing will be seen this year. None of this had any significant market impact. Wednesday has a busier calendar of Fed speakers, including Powell who will speak on the economic outlook