Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading mostly weaker against the greenback as USD corrects from the weekly beating. The biggest losers are MYR 0.25%, followed by SGD and TWD 0.17%, PHP 0.15%, CNH 0.12%, KRW 0.11%, THB 0.04% and IDR by 0.01%; while the largest losers is INR by 0.05% and CNY 0.02%.

USD/CNH is trading higher at 7.1893 from 7.1810 previously closed. Onshore spot market is trading lower at 7.1802 from 7.1814. 12 month NDF followed the onshore market and is trading higher at 7.0248 from 7.0182 previously closed.

USD/IDR spot market is trading higher at 16293 from 16287 previously closed. 1 month NDF is trading lower at 16272 from 16320 previously closed.

USD/INR onshore spot market is trading lower at 87.66 from 87.70. 1 month NDF is trading higher at 87.73 from 87.56 previously closed.

NA Session

Canadian employment fell by a surprisingly steep 40.8k in July to correct a rise of 83.1k in June though the unemployment rate was unchanged at 6.9%. USD/CAD bounced to 1.3760 from 1.3730.  

Otherwise, movements were minimal with USD/JPY stable near 147.75. Marginal EUR/USD gains above 1.1650 may have been supported by growing hopes for a ceasefire in Ukraine but these were erased late in the day. The WSJ reported that Trump was considering former St Louis Fed President James Bullard and Marc Sumerlin, who served in the George W Bush administration, for Fed Chairman. These may have been seen by the market as unlikely to be wholly subservient to Trump, and thus USD supportive.