Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as the greenback erased partial losses from earlier session in sight of stronger than expected U.S. data. KRW saw the largest losses of 0.26%, followed by TWD 0.16%, IDR 0.12%, MYR 0.07%, PHP 0.06%, SGD 0.04%, HKD 0.03% and CNY 0.01%; the biggest winner is THB by 0.31%, INR 0.13% and CNH by 0.01%.

USD/CNH is trading lower at 7.2905 from 7.2910 previously closed. Onshore spot USD/CNY is trading higher at 7.2610 than 7.2604 previously closed. 12 month NDF followed the offshore market and is trading lower at 7.0676 compared 7.0688 to previously closed.

USD/IDR spot market is trading higher at 16450 from 16430 previously closed. 1 month NDF is trading lower at 16483 from 16507 previously closed.

USD/INR onshore spot market is trading lower at 83.54 than 83.64 previously closed. 1 month NDF is trading lower at 83.64 than 83.70 previously closed.

NA Session

The USD bounced after June S and P PMI data came in stronger than expected, extending May’s gains to see manufacturing at 51.7 from 51.3 and services at 55.1 from 55.8, the latter the strongest since April 2022. However for most pairs the USD gains were modest and not sustained, stabilizing near pre-US data levels, with EUR/USD holding below 1.07. However USD/JPY extended gains above 159.50 from pre-data levels below 159.

 USD/CHF also sustained a modest bounce, as EUR/CHF continued to reverse European losses, moving above .9560 after seeing lows below .9510.