Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading individually against the greenback as the meltdown in U.S. tech stocks only accelerate in the U.S. session. The biggest winners are THB 0.52%, followed by TWD & MYR 0.26%, IDR 0.21%, SGD & CNY 0.03%; while the biggest losers are KRW 0.38%, PHP 0.15%, INR 0.06%, HKD 0.03% and CNH 0.01%.

USD/CNH is trading higher at 7.0532 from 7.0522 previously closed. Onshore spot market is trading lower at 7.0550 from 7.0570 closed before the national holiday. 12 month NDF followed the offshore market and is trading higher at 6.9198 from 6.9174 previously closed.

USD/IDR spot market is trading lower at 16640 from 16676 previously closed. 1 month NDF is trading lower at 16652 from 16669 previously closed.

USD/INR onshore spot market is trading higher at 90.42 from 90.36 previously closed. 1 month NDF is trading higher at 90.84 from 90.54 previously closed.

NA Session

Equities came under pressure led by tech which saw some early losses for the AUD and CAD, but losses were eventually marginal, USD/CAD meeting resistance near  1.38 and AUD/USD correcting a move below .6650. Equity weakness weighed on USD/JPY, but losses were marginal, to 155.80 from 155.90. The EUR was generally firm, though EUR/USD gains from a 1.1720 low found resistance at 1.1750. EUR/GBP advanced to .8785 from .8765 and EUR/CHF to .9345 from .9325. 

Outgoing FOMC voters Schmid and Goolsbee explained their hawkish recent dissents but incoming voter Paulson was quite dovish, concerned more about employment than inflation.