Clone - Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as U.S. economics data come back mixed. THB saw the largest gain of 0.31%, followed by INR 0.04% and HKD 0.01%; the biggest loser is SGD 0.28%, KRW 0.26%, CNH 0.13%, TWD 0.12%, CNY 0.1%, IDR 0.03% and PHP 0.01%.

USD/CNH is trading higher at 7.2026 compared to the 7.1935 at previously closed. Onshore spot USD/CNY is trading higher at 7.1942 from 7.1869 previously closed. 12 month NDF followed both the on/offshore market and is trading lower at 6.9945 compared to 6.9865 previously closed.

USD/IDR spot market is trading higher at 15580 from 15575 previously closed. 1 month NDF is trading higher at 155624 from 15585 previously closed.

USD/INR onshore spot market is trading lower at 82.82 from 82.86 previously closed. 1 month NDF is trading higher at 83.05 from 82.93 previously closed.

NA Session

The USD gained ground through the North American session following stronger than expected PPI data and lower than expected jobless claims, despite weaker than expected retail sales. EUR/USD lost around half a figure to trade below 1.09, and USD/JPY gained around half a figure to 148.30.  

February retail sales with a 0.6% increase have not fully reversed a 1.1% decline seen in January and hint at some loss of consumer momentum in Q1. However initial claims at 209k from a downwardly revised 210k suggest the labor market remains strong in early March while February PPI with a 0.6% increase, 0.3% ex food and energy, backs the CPI’s message of stronger inflationary pressures in early 2024.