Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as market prepares for volatility after Trump's inauguration. The biggest winners are THB by 0.41%, CNY 0.09%, CNH 0.07%, KRW 0.06%, TWD and HKD by 0.02%; the largest loser are SGD by 0.1%, MYR 0.08%, INR 0.07%, IDR and PHP by 0.03%.

USD/CNH is trading lower at 7.3415 from 7.3469 previously closed. Onshore spot market is trading lower at 7.3252 than 7.3316 previously closed. 12 month NDF diverged from both the on/offshore market and is trading higher at 7.1819 compared to 7.1789 previously closed.

USD/IDR spot market is trading higher at 16380 from 16376 previously closed. 1 month NDF is trading lower at 16409 from 16421 previously closed.

USD/INR onshore spot market is trading higher at 86.61 from 86.55 previously closed. 1 month NDF is trading unchanged at 86.84 than previously closed.

NA Session

US data was stronger than expected, a 15.9% rise in housing starts to 1499k, and a 0.9% rise in industrial production, which contributed to a positive USD tone early on. However, the USD gains were reversed and more after Trump stated he had had a good phone conversation with Chinese President Xi. Into the afternoon, the USD regained a positive tone.  

USD/JPY rose to 156.15 from 155.60. EUR/USD saw only modest losses, to 1.0275 from 1.03. EUR/GBP sustained European gains and EUR/CHF moved above .94. USD/CAD was particularly strong, rising to 1.4465 from 1.4410. With AUD/USD little changed near .62 AUD/CAD advanced to .8965.