Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly weaker against the USD as USD is steadily strong throughout sessions. The only winners is INR by  0.02%; the biggest loser is PHP by 0.64%, followed by CNH 0.56%, KRW 0.51%, CNY 0.42%, MYR 0.3%, IDR 0.13%, SGD 0.06%, THB 0.05% and TWD & HKD 0.04%.

USD/CNH is trading higher at 7.1354 from 7.0956 previously closed. Onshore spot market is trading higher at 7.1195 from 7.0891 previously closed. 12 month NDF followed both the on/offshore market and is trading higher at 6.9592 compared to 6.9205 previously closed.

USD/IDR spot market is trading higher at 15589 from 15566 previously closed. 1 month NDF is trading higher at 15587 from 15581 previously closed.

USD/INR onshore spot market is trading lower at 84.03 from 84.05 previously closed. 1 month NDF is trading lower at 84.18 from 84.20 previously closed.

North America Session

The most significant data release came from a fall in Canadian CPI which saw USD/CAD bounce by 20 pips to 1.3840, but the BoC’s core rates failed to extend their downtrend and the bounce was later reversed and more, with USD/CAD falling below 1.38. The USD was generally slightly firmer on the session with EUR/USD moving back below 1.09 though USD/JPY was little changed around 149.20.  GBP/USD slipped after touching 1.31 but EUR/GBP remained weaker near .8330. 

US data saw a weak Empire State manufacturing index of -11.9 in October following a positive 11.5 reading in October. The New York Fed’s monthly survey showed consumer expectations unchanged at 3.00% for 1-year but with modest increases in the 3-year, to 2.66% from 2.54%, and 5-year, to 2.86% from 2.79%, views.