Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD with little market moving headlines crossed the wire before Easter. The biggest winner is PHP by 0.54%, followed by THB 0.33%;while the largest losers are KRW & SGD 0.27%, IDR 0.24%, CNH 0.23%, CNY 0.09%, TWD 0.04% and HKD 0.05%.

USD/CNH is trading higher at 7.3286 from 7.3116 previously closed. Onshore spot market is trading higher at 7.3158 from 7.3095 previously closed. 12 month NDF followed the offshore market and is trading higher at 7.1333 compared to 7.1196  previously closed.

USD/IDR spot market is trading higher at 16815 from 16775 previously closed. 1 month NDF is trading higher at 16847 from 16818 previously closed.

USD/INR onshore spot market is trading lower at 85.77 from 86.05 previously closed. 1 month NDF is trading lower at 85.95 from 86.24 previously closed.

NA Session

Equities and most FX pairs saw little movement. Exceptions were a weaker EUR/USD, which slipped below 1.13, and a rise in USD/CAD to 1.3965 from 1.3875. The latter followed a weaker than expected March Canadian CPI of 2.3% yr/yr from 2.6% in February, increasing perceived risk of a BoC easing on Wednesday. Two dips in USD/JPY below 143 were erased. 

US data showed a less weak April Empire State manufacturing index of -8.1 from -20.0, but 6-month expectations for activity turned negative and price indices accelerated in response to tariffs.