Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading individually against the greenback as market participants entering the holiday mood. The biggest winners are INR 0.67%, followed by MYR 0.25%, THB and HKD 0.01%; while the biggest losers are PHP 0.30%, SGD & KRW 0.25%, IDR 0.17%, TWD 0.04% and CNH 0.02%.

USD/CNH is trading higher at 7.0342 from 7.0327 previously closed. Onshore spot market is trading lower at 7.0411 from 7.0413 closed before the national holiday. 12 month NDF followed the offshore market and is trading higher at 6.9033 from 6.9007 previously closed.

USD/IDR spot market is trading higher at 16750 from 16723 previously closed. 1 month NDF is trading higher at 16717 from 16706 previously closed.

USD/INR onshore spot market is trading lower at 89.29 from 90.25  previously closed. 1 month NDF is trading lower at 89.98 from 90.63 previously closed.

NA Session

USD/JPY remained firm but stabilized around 157.50. EUR/USD found support at 1.17 and rose to 1.1720, seeing EUR/JPY above 184.60. Equity strength gave some support to the commodity currencies, as AUD/USD found support at .66 and USD/CAD slipped from 1.38, though CAD gains corrected in the afternoon. 

There was not much news. Fed’s Williams saw no urgency to act on policy. October Canadian retail sales were weak at -0.2% but with preliminary signals for November positive. November US existing home sales saw a third straight rise, by 0.5% to 4.13m. Final December Michigan CSI revisions were marginal.