Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD with the broad risk sentiment tilts positive on more potential tariff easing The biggest winners are PHP by 0.55%, followed by IDR 0.24%, CNY 0.03%, CNH & HKD 0.02% and TWD 0.01%; while the largest losers are KRW by 0.5%, followed by THB 0.34%, SGD 0.27%, INR 0.21% and MYR 0.03%.

USD/CNH is trading lower at 7.2885 from 7.2900 previously closed. Onshore spot market is trading lower at 7.2868 from 7.2889 previously closed. 12 month NDF diverged from both the on/offshore market and is trading higher at 7.1090 compared to 7.1024 previously closed.

USD/IDR spot market is trading lower at 16830 from 16873 previously closed. 1 month NDF is trading higher at 16826 from 16803 previously closed.

USD/INR onshore spot market is trading higher at 85.44 from 85.26 previously closed. 1 month NDF is trading higher at 85.59 from 85.45 previously closed.

NA Session

In a subdued North American session USD/JPY advanced to 144 before correcting to near 143.50 while EUR/USD advanced to near 1.14 before stalling. This saw EUR/JPY rallying from 162.80 to 163.75 before settling still firmer near 163.40. Excluding USD/JPY, the USD was generally slightly softer. 

Canadian retail sales fell by 0.4% as expected but the preliminary indication for March was for a 0.7% gain. April’s final Michigan CSI was revised up to 52.2 from 50.8 but was still down from March’s 57.0. The revision came largely on current conditions and near-term inflation expectations. 6-month expectations on activity and the 5-10 year inflation view saw little change from the preliminary.