Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading mostly weaker against the greenback as U.S. data points towards mixed result. The biggest losers are IDR 0.31%, followed by PHP 0.29%, THB 0.18%, CNH 0.09%, TWD 0.08%, CNY 0.04% and MYR 0.03%; while the largest winners are SGD by 0.13% and HKD 0.12%.

USD/CNH is trading higher at 7.1886 from 7.1821 previously closed. Onshore spot market is trading higher at 7.1844 from 7.1816. 12 month NDF followed both the on/offshore market and is trading higher at 7.0300 from 7.0222 previously closed.

USD/IDR spot market is trading higher at 16169 from 16115 previously closed. 1 month NDF is trading higher at 16208 from 16183 previously closed.

USD/INR onshore spot market is closed. 1 month NDF is trading lower at 87.65 from 87.82 previously closed.

NA Session

US July retail sales were in line with expectations with a 0.5% rise but with upward back revisions, and August’s Empire State Manufacturing Index was stronger than expected at 11.9 from 5.5. Unchanged July industrial production was in line with expectations but August’s preliminary Michigan CSI was weaker than expected at 58.6 from 61.7, with higher inflation expectations. 

The USD did not see much reaction to the data, maintaining a generally soft tone, before a modest correction in the afternoon, as UST yields picked up. EUR/USD was particularly firm rising to 1.17 while GBP/USD and AUD/USD were little changed after correcting from their highs. USD/CAD moved back above 1.3815 and USD/JPY moved back above 147. EUR/JPY advanced to 172.25 from 171.80.