Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading individually against the greenback as risk asset recovered partially. The biggest winners are PHP 0.56%, followed by MYR 0.16%, CNH 0.10%, CNY 0.08%, HKD 0.03% and SGD 0.02%; while the biggest losers are KRW 0.35%, INR 0.33%, THB 0.29%, TWD 0.28% and IDR 0.14%.

USD/CNH is trading lower at 7.0363 from 7.0433 previously closed. Onshore spot market is trading lower at 7.0426 from 7.0480 closed before the national holiday. 12 month NDF followed both the on/offshore market and is trading lower  at 6.9093 from 6.9128 previously closed.

USD/IDR spot market is trading higher at 16691 from 16667 previously closed. 1 month NDF is trading lower at 16655 from 16674 previously closed.

USD/INR onshore spot market is trading higher at 91.03 from 90.73 previously closed. 1 month NDF is trading higher at 91.32 from 91.10 previously closed.

NA Session

US employment data was mixed, with unemployment up to 4.6% in November from 4.4% in September, and a 64k rise in November payrolls not fully erasing a 105k October loss. However, private payrolls in both months increased, November by 69k and October by 52k. Later December S and P PMIS were weaker, manufacturing at 51.8 from 52.2 and services at 52.9 from 54.1.  

UST yields and equities were slightly lower but the USD saw little change versus most currencies. EUR/USD returned to near 1.1760 after briefly moving above 1.18 while USD/JPY was capped at 155. USD/CAD was slightly weaker near 1.3750 though AUD/USD was little changed near .6640 after a brief bounce to .6660.