Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading individually against the greenback after Trump tunes down on his Greenland threat and sees to have reached a primary agreement framework. The biggest winners are IDR 0.30%, SGD 0.28%, MYR 0.25%, PHP 0.19%, TWD 0.14% and INR 0.08%; while the largest losers are THB by 0.97% KRW 0.09%, CNY 0.07% and CNH 0.06%.

USD/CNH is trading higher at 6.9643 from 6.9600 previously closed. Onshore spot market is trading higher at 6.9696 from 6.9648. 12 month NDF diverged from both the on/offshore market and is trading lower at 6.8308 from 6.8362 previously closed.

USD/IDR spot market is trading lower at 16885 from 16935 previously closed. 1 month NDF is trading lower at 16838 from 16914 previously closed.

USD/INR onshore spot market is trading lower at 91.62 from 91.70 previously closed. 1 month NDF is trading unchanged at 91.79 from previously closed.

NA Session

With Greenland risks fading EUR/USD moved above 1.17 to touch 1.1750. GBP/USD, after dipping to near 1.34 with some talk of a possible challenge to PM Starmer from Manchester Mayor Burnham rebounded to touch 1.35, with a bounce in EUR/GBP to .8730 from .87 reversing. EUR/CHF was slightly softer near .9280. USD/JPY kept to a 158 handle, slipping back below 158.50 after early gains, but EUR/JPY saw fresh highs above 186. AUD/USD gains extended comfortably above .68 while USD/CAD fell below 1.38.

US data had a limited impact. Initial claims at 200k from 199k were lower than expected. Q3 GDP was revised marginally higher to 4.4% from 4.3% in inventories. Core PCE prices rise by 0.2% in both October and November, while personal spending saw firm gains of 0.5% in both months, outperforming personal income gains of 0.1% in October and 0.3% in November.