Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as the USD reversed partial losses in previous trading day on stronger than expected data, led by gains from USD/JPY. MYR saw the largest gains of 0.99%, followed by IDR 0.42%, PHP 0.32%, INR 0.15%; the biggest losers are CNH 0.2%, THB 0.18%, SGD 0.13% and HKD 0.02%.

USD/CNH is trading higher at 7.1110 from 7.0970 previously closed. Onshore spot USD/CNY has been closed to observe holiday. 12 month NDF followed both the on/offshore market and is trading higher at 6.9315 compared to 6.9162 previously closed.

USD/IDR spot market is trading lower at 15335 from 15402 previously closed. 1 month NDF is trading lower at 15363 from 15396 previously closed.

USD/INR onshore spot market is trading lower at 83.75 from 83.88 previously closed. 1 month NDF is trading lower at 83.89 from 83.95 previously closed.

North America Session

The USD was supported by stronger than expected data, first a 0.1% rise in retail sales which did not see an expected dip in autos, with sales ex autos also up by 0.1%, and secondly a 0.8% rise in industrial production that was led by autos, though largely offset by negative back revisions. USD/JPY extended gains from 140.70 to see a late break above 142. EUR/USD saw only a modest dip to 1.1115 from 1.1140. EUR/GBP advanced to near .8450 from .8425 as GBP/USD fell back to 1.3160 from 1.3215 while EUR/CHF also saw marginal gains.

Canadian CPI was weaker than expected falling to 2.0% y/y from 2.5%. USD/CAD bounced above 1.36 on the mix of US and Canadian data but could not sustain the move, ending little changed, as did AUD/USD.