Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as the global market remains choppy after round of European central banks decision. The biggest winners are IDR by 0.3%, followed by MYR 0.24%, PHP 0.13%, TWD 0.1% and INR 0.09%; while the largest losers are SGD 0.31%, CNH & KRW 0.29%, CNY 0.27%, THB 0.18% and HKD 0.03%.

USD/CNH is trading higher at 7.2522 from 7.2309 previously closed. Onshore spot market is trading higher at 7.2493 from 7.2294 from previously closed. 12 month NDF followed both the on/offshore market and is trading lower at 7.0715 compared to 7.0498 previously closed.

USD/IDR spot market is trading lower at 16475 from 16525 previously closed. 1 month NDF is trading lower at 16502 from 16565 previously closed.

USD/INR onshore spot market is trading lower at 86.36 from 86.44 previously closed. 1 month NDF is trading lower at 86.60 from 86.62 previously closed.

NA Session

GBP/USD saw a marginal bounce on an 8-1 BoE vote for no change, with only one dissenting dive rather than two, but with the statement fairly neutral the bounced was quickly erased and GBP/USD stabilized near pre-meeting levels around 1.2960. EUR/USD was also little changed, after recovering from a dip to 1.0825 and returning to 1.0850. AUD/USD was also quiet, but edged up to 0.63. 

US data saw a modest rise in initial claims to 223k from 221k, and a modest dip in the Philly Fed manufacturing survey to 12.5 from 18.1, but these are still healthy levels. Later an unexpected 4.2% rise in existing home sales was seen. Equities recovered from an early dip but tuned negative in the afternoon. USD/JPY saw modest early gains but stalled ahead of 149. USD/CAD slipped to 1.4315 after an early advance to 1.44, the bulk of the movement coming before BoC Governor Macklem stated that policy would have to be less forward looking due to heightened uncertainty.