Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as the greenback was trading lower in the Asia and London session before a rebound in the New York times. KRW saw the largest gains of 1.38%, followed by CNH 0.86%, SGD 0.52%, THB 0.45%, CNY 0.32%, and HKD 0.07%; the biggest loser is IDR by 0.44%, followed by MYR 0.4%, PHP 0.14%, INR 0.05% and TWD 0.04%.

USD/CNH is trading lower at 6.9730 from 7.0328 previously closed. Onshore spot is trading lower at USD/CNY 7.0109 from 7.0333  previously closed. 12 month NDF followed both the on/offshore market and is trading lower at 6.8070 compared to 6.8580 previously closed.

USD/IDR spot market is trading higher at 15165 from 15102 previously closed. 1 month NDF is trading lower at 15111 from 15210 previously closed.

USD/INR onshore spot market is trading higher at 83.64 from 83.60 previously closed. 1 month NDF is trading unchanged at 83.75 .

North America Session

USD/JPY saw early losses ahead of the US data, bottoming at 144.11, but bounced after the data came in stronger than expected. Initial claims fell further to 218k from 222k while unchanged durable goods orders were more resilient than expected with a 0.5% rise ex transport. Q2 GDP was unrevised at 3.0% but income data saw historical upward revisions, lifting the savings rate. USD/JPY saw another brief move above 145, before slipping back to 144.65.

Other currencies showed little reaction to the data and later saw gains versus the USD, EUR/USD to 1.1180 and GBP/USD to 1.3415, seeing EUR/GBP softer near .8330. EUR/CHF was little changed near .9450. AUD/USD advanced to .69 but with oil weaker USD/CAD was little changed, and AUD/CAD advanced to near .93.