Overnight Price Action
The 0.2% dip in the S&P overnight and 0.1% fall in S&P futures in Asia stalled those Asian equity markets that traded today. The Nikkei is up 0.1% while the ASX200 is down 0.5% and the Singapore Straits Times is off 0.4%. Markets in Hong Kong, China, Taiwan, and Korea are closed today.
Similarly, the overnight USD recovery vs. G10 currencies stalled, with most major pairs trading sideways in Asia. EURUSD is at 1.3537, USDJPY is at 99.29, and AUDUSD is at 0.9452. EM Asia FX has been more mixed. USDKRW has popped up to 1073.93 in response to the overnight move in USDJPY, seemingly without help from the Bank of Korea. USDINR has also jumped on the open, rising to 62.15. In contrast, the MYR, PHP, and PHP have held on to yesterday’s gains vs. the dollar.
The JGB curve is up marginally today while the overnight rise in the US 10yr yield has edged down from a high at 2.7501% to 2.7345%. EM Asia curves are generally up slightly.
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Credit Suisse