Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading individually against the greenback as USD stays choppy to begin the week. The biggest losers are PHP 0.48%, followed by INR 0.17%, KRW 0.1%, CNH 0.07%, TWD 0.06%, CNY 0.04% and SGD by 0.02%; while the largest winner is THB by 0.22%, MYR 0.21%, IDR 0.05%.

USD/CNH is trading higher at 7.1890 from 7.1841 previously closed. Onshore spot market is trading higher at 7.1840 from 7.1809. 12 month NDF followed both the on/offshore market and is trading higher at 7.0260 from 7.0240 previously closed.

USD/IDR spot market is trading lower  at 16381 from 16390 previously closed. 1 month NDF is trading higher at 16401 from 16385 previously closed.

USD/INR onshore spot market is trading higher at 87.80 from 87.65. 1 month NDF is trading lower at 87.93 from 88.02 previously closed.

NA Session

June’s US trade deficit of $60.2bn was down from $71.7bn in May and the lowest since September 2023. This was followed by a weaker than expected July ISM services index of 50.1 from 50.8. There was little instant reaction to the data but the USD, with longer end UST yields. subsequently slipped. EUR/USD rose to 1.1570 from 1.1540. Gains in GBP. AUD and CAD were more modest while USD/JPY remained firmer near 147.70, meaning that EUR/JPY near 170.80 was up by close to a big figure on the day.