Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as USD ended up calmer after a volatile session. The biggest winners are THB by 0.3%, followed by TWD 0.21%, PHP 0.15% and INR 0.01%; the largest loser are KRW 1.7%, IDR 0.25%, MYR 0.22%, CNH 0.18%, CNY 0.16% and HKD 0.02%.

USD/CNH is trading higher at 7.2998 from 7.2864 previously closed. Onshore spot market is trading higher at 7.2862 from 7.2729 previously closed. 12 month NDF followed both the on/offshore market and is trading lower at 7.1135 compared to 7.1002 previously closed.

USD/IDR spot market is trading higher at 15946 from 15906 previously closed. 1 month NDF is trading higher at 15967 from 15919 previously closed.

USD/INR onshore spot market is trading lower at 84.69 from 84.70 previously closed.. 1 month NDF is trading higher at 84.84 from 84.89 previously closed.

North America Session

The USD ended not much changed after a choppy session. Early on the imposition of martial law in South Korea led to USD/JPY dropping to a low of 148.65 as UST yields slipped, but the USD then received support from stronger than expected US job openings data, up by 372k in October after a 498k September decline. This saw EUR/USD falling below 1.05 and USD/CAD up to 1.4075. 

The USD saw some losses in mid-session, with comments from Fed speakers Daly and Kugler being moderately dovish, EUR/USD reaching a high of 1.0535 and GBP/USD touching 1.27. Late in the session South Korea announced that martial law would be lifted, after a vote against it in parliament, and USD/JPY recovered to near 149.50. EUR/USD and GBP/USD moved off their highs, but USD/CAD remained firmer, as was AUD/CAD.