Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly weaker against the USD as USD found support from stronger U.S. data. The only winners are HKD and CNH by 0.06% ; the largest loser are THB 0.57%, IDR and MYR 0.4%, PHP 0.34%, TWD 0.09%, INR 0.04%, KRW 0.03% and SGD 0.01%.

USD/CNH is trading lower at 7.2891 from 7.923 previously closed. Onshore spot market is trading higher at 7.2841 from 7.2809 previously closed. 12 month NDF followed the offshore market and is trading lower at 7.1151 compared to 7.1209 previously closed.

USD/IDR spot market is trading higher at 16101 from 16002 previously closed. 1 month NDF is trading higher at 16069 from 16089 previously closed.

USD/INR onshore spot market is trading higher at 84.90 from 84.87 previously closed. 1 month NDF is trading higher at 85.13 from 85.09 previously closed.

North America Session

US retail sales were stronger than expected with a 0.7% rise overall, but were weaker than expected with gains of only 0.2% both ex autos and ex autos and gasoline. Industrial production was weaker than expected with a 0.1% decline. The USD was little changed overall but USD/JPY was dragged down by equities below 153.50 from near 154. EUR/USD kept close to 1.05 but EUR/GBP remained weaker near .8250 while EUR/CHF fell to near .9360.

Canadian CPI was slightly weaker than expected at 1.9% from 2.0% but the BoC’s core rates were on the firm side of consensus. USD/CAD saw little reaction to the data but later pushed above 1.43.