Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading mostly stronger against the greenback as the risk atmosphere is broadly upbeat. The biggest winners are TWD 0.27%, followed by PHP 0.17%, KRW 0.1%, MYR & IDR 0.04%, CNH 0.03% and CNY & SGD 0.01%; while the biggest losers are HKD 0.03% and INR 0.02%.

USD/CNH is trading lower  at 7.0692 from 7.0716 previously closed. Onshore spot market is trading lower at 7.0711 from 7.0719 closed before the national holiday. 12 month NDF followed both the on/offshore market and is trading lower at 6.9335 from 6.9350 previously closed.

USD/IDR spot market is trading lower at 16644 from 16650 previously closed. 1 month NDF is trading higher at 16702 from 16669 previously closed.

USD/INR onshore spot market is trading higher at 89.99 from 89.98 previously closed. 1 month NDF is trading higher at 90.21 from 90.07 previously closed.

NA Session

The main move of the session was a fall of around a big figure in USD/CAD to 1.3840 after Canadian employment data unexpectedly saw a third straight strong increase, of 53.6k in November, with unemployment at 6.5% from 6.9% the lowest since July 2024. 

Later US data gave the USD a modest lift elsewhere, with September personal income stronger than expected at 0.4%, though spending at 0.3% and core PCE prices at 0.2% were in line. The preliminary December Michigan CSI bounced to 53.3 from 51.0, assisted by lower inflation expectations. USD/JPY rose to 155.30 from 155.20 while EUR/USD fell to 1.1640 from 1.1660.