Asia Open - Overnight Highlights
EMERGING ASIA
EM currencies perform mostly individually against the USD as the greenback fell in the New York session on weaker than expected GDP data and further rebound as session progress. PHP saw the largest losses of 0.42%, followed by KRW 0.39%, IDR 0.21%, TWD 0.16% and INR 0.01%; while the biggest winner is CNH by 0.25%, SGD 0.22%, CNY 0.08%, HKD 0.05% and MYR 0.03%.
USD/CNH is trading lower at 7.2553 compared to the 7.2731 at previously closed. Onshore spot USD/CNY is trading lower at 7.2399 from 7.2460. 12 month NDF followed both the on/offshore market and is trading lower at 7.0616 compared to 7.0750 previously closed.
USD/IDR spot market is trading higher at 16188 from 16154 previously closed. 1 month NDF is trading lower at 16222 from 16247 previously closed.
USD/INR onshore spot market is trading unchanged at 83.32. 1 month NDF is trading lower at 83.36 from 83.45 previously closed.
NA Session
A weaker than expected 1.6% US GDP increase saw only a very brief knee-jerk USD dip, EUR/USD reaching 1.0739, given a stronger than expected 3.7% rise in the core PCE price index. With UST yields higher the USD advanced, with EUR/USD bottoming at 1.0678, though the USD gains were subsequently erased, with EUR/USD again touching its earlier high.
Most currencies showed similar moves to EUR/USD though USD/JPY kept to a right range near 155.55 while CAD slightly outperformed AUD, as AUD/CAD fell to .89.
US GDP details showed negatives from net exports and inventories, with domestic demand still solid. This was reflected in a wider March advance goods trade deficit. Other US data showed initial claims falling to 207k from 212k and later a stronger than expected 3.4% rise in pending home sales.