Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as the greenback market continue to digest the FOMC meeting. KRW saw the largest gains of 1.29%, followed by MYR 0.45%, IDR 0.35%, THB 0.34%, PHP 0.18%, TWD 0.11%, INR and HKD 0.02%, the biggest loser is SGD by 0.32%, CNH 0.15% and CNY 0.02%.

USD/CNH is trading higher at 7.2216 compared to the 7.2112 at previously closed. Onshore spot USD/CNY is trading higher at 7.1995 from 7.1979 previously closed. 12 month NDF followed both the on/offshore market and is trading higher at 7.0080 compared to 6.9960  previously closed.

USD/IDR spot market is trading lower at 15660 from 15715 previously closed. 1 month NDF is trading higher at 15722 from 15700 previously closed.

USD/INR onshore spot market is trading lower at 83.15 from 83.16 previously closed. 1 month NDF is trading higher at 83.29 from 83.17 previously closed.

NA Session

The USD advanced broadly in North America, with the strongest move coming against the GBP. The BoE left rates as expected but the two hawkish dissenters from the previous meeting this time backed the 8-1 majority, with the only dissent being a dovish one. Also noted was an implicit easing bias contained in the statement 'the Committee will keep under review for how long Bank Rate should be maintained at its current level'. EUR/GBP advanced to .8580 while GBP/USD fell almost a big figure to near 1.2650. EUR/CHF stabilized at higher levels around .9760.

US data was generally on the firm side, with initial claims still low at 210k, a second straight positive Philly Fed manufacturing survey, a narrower current account deficit and later a sharp 9.5% rise in existing home sales. S and P PMIs were mixed with manufacturing stronger but services slower. EUR/USD fell 50 pips to 1.0960 and USD/JPY rose 60 pips to 151.70. AUD and CAD also saw moderate losses despite a brief CAD uptick after Deputy Governor Gravelle said the BoC would persist with quantitate tightening.