Asia Open - Overnight Highlights

EMERGING ASIA
EM currencies perform mostly stronger against the USD as the greenback retraced partial gains from previous days. KRW saw the largest gains of 0.38%, followed by PHP 0.15%, IDR 0.13%, CNH 0.08%, TWD 0.07%, SGD 0.04%, INR 0.02%; the biggest loser is THB by 0.27% and MYR 0.04%.

USD/CNH is trading lower at 7.2160 compared to the 7.2218 at previous close. Onshore spot USD/CNY is trading unchanged at 7.1963. 12 month NDF diverged from both the on/offshore market and is trading higher at 7.0287 compared to 7.0245 previous closed.
USD/IDR spot market is trading lower at 15624 from 15643 previously closed. 1 month NDF is trading lower at 15623 from 15640 previous closed.
USD/INR onshore spot market is trading lower at 83.12 from 83.13. 1 month NDF is trading lower at 83.25 from 83.29 previously closed.

NA Session

The USD made general gains through the North American session, helped by the lower than expected jobless claims data in the latest week. The USD advanced around 0.2% across the board, with the exception of GBP which held its own against the USD and consequently gained on the crosses. There was also some particular weakness in the SEK, with EUR/SEK gaining 3 figures, while EUR/CHF also made small gains.
The latest US data provides more evidence of strength than weakness, with initial claims at 187k from 203k the lowest since September 2022, and housing starts, -4.3% to 1460k, and permits, +1.9% to 1495k, both stronger than expected. However the Philly Fed manufacturing survey at -10.6 from -12.8 remains weak.