Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading individually against the greenback as market participants remain cautious after a turbulent week. The biggest losers are INR 0.78%, followed by TWD 0.47% and THB 0.11%; while the biggest winners are PHP 0.35%, MYR 0.25%, IDR 0.19%, CNH 0.17%, CNY 0.16%, KRW 0.04%, SGD 0.02% and HKD 0.01%.

USD/CNH is trading lower at 7.1051 from 7.1175 previously closed. Onshore spot market is trading lower at 7.1052 from 7.1165 closed before the national holiday. 12 month NDF followed both the on/offshore market and is trading lower at 6.9596 from 6.9725 previously closed.

USD/IDR spot market is trading lower at 16700 from 16732 previously closed. 1 month NDF is trading lower at 16718 from 16755 previously closed.

USD/INR onshore spot market is trading higher at 89.40 from 88.70 previously closed.. 1 month NDF is trading higher at 89.76 from 88.85 previously closed.

North American session

The USD saw some early gains but these were reversed when Fed’s Williams said he still saw room for a near term rate cut. These remarks sent UST yields lower, though yields moved off their lows later in the session, noting strength in equities, supported by Williams’ remarks and lower oil prices as hopes built for an end to the war in Ukraine.

USD/JPY saw moderate losses to 156.40 from 156.85 while EUR/USD gains were marginal, to 1.1510 from 1.51. GBP/USD saw stronger gains as EUR/GBP slipped to .8785 from .8820, contrasting a rise in EUR/CHF to .93 from 9280. AUD and CAD saw mid-session losses but as equity gains built AUD/USD edged above .6450 while USD/CAD slipped back to around 1.41.