Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD with the U.S. session less active as usual from the mourning of ex U.S. president. The biggest winners are KRW by 0.05%, and MYR by 0.01%; the largest loser are TWD by 0.18%, PHP 0.17%, HKD 0.05%, CNH, IDR, SGD and THB by 0.03%, INR and CNY 0.01%.

USD/CNH is trading higher at 7.3561 from 7.3537 previously closed. Onshore spot market is trading higher at 7.3321 than 7.3317 previously closed. 12 month NDF diverged from both the on/offshore market and is trading lower at 7.1852 compared to 7.1858 previously closed.

USD/IDR spot market is trading higher at 16200 from 16195 previously closed. 1 month NDF is trading lower at 16244 from 16266 previously closed.

USD/INR onshore spot market is trading higher at 85.86 from 85.85 previously closed. 1 month NDF is trading higher at 86.20 from 86.19 previously closed.

NA Session

With markets partially closed for the funeral of President crater, it was a quiet session. EUR/GBP came of the highs to around .8370 while GBP/USD edged above 1.23. EUR/USD was stable near 1.03. USD/JPY recovered from a dip to a low of 157.58 to return above 158. 

There was no US data but some Fed talk, with Collins, Harker and Schmid seeing a cautious approach to easing while still expecting some lowing of rates, while Bowman suggested that no more easing was needed.