Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as the majority of greenback strength began after the stronger than expected NFP data. KRW saw the largest win of 0.55%, followed by IDR 0.4%, PHP 0.16%, INR 0.12%, TWD 0.07% and MYR 0.06%; the biggest losers are SGD 0.47%, THB 0.07%, CNH 0.05%, HKD and CNY 0.04%.

USD/CNH is trading higher at 7.2631 from 7.2593 previously closed. Onshore spot USD/CNY is trading higher at 7.2477 than 7.2450 previously closed. 12 month NDF followed the both the on/offshore market and is trading higher at 7.0445 compared to 7.0400 previously closed.

USD/IDR spot market is trading lower at 16196 than 16263 previously closed. 1 month NDF is trading higher at 16292 from 16249 previously closed.

USD/INR onshore spot market is trading lower at 83.38 from 83.47 previously closed. 1 month NDF is trading higher at 83.60 from 83.53 previously closed.

NA Session

The USD rose sharply on a strong 272k rise in the US non-farm payroll, coupled with a 0.4% increase in average hourly earnings, despite unemployment moving up to 4.0% from 3.9% as the Household Survey sharply underperformed the payroll. USD/JPY bounced from near 155.50 to trade above 157 before a modest correction lower, but most pairs saw the USD finish near the highs. EUR/USD tested 1.08 after trading near 1.09 before the US data. EUR/GBP fell to .8490 from .8510 as GBP/USD slippage failed to threaten 1.27.

Canada’s employment report was in line with expectations with a 26.7k increase and a rise in unemployment to 6.2% from 6.1%, but did show an unexpected acceleration in wages. USD/CAD bounced above 1.37 on the data releases and extended gains to 1.3750 but AUD/CAD was weaker as AUD/USD fell clearly below .66.