Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading individually against the greenback with mixed U.S. data and risk sentiment recouping earlier weakness. The biggest winners are PHP 0.38%, followed by MYR 0.25%, THB 0.19%, CNY 0.15%, CNH 0.12%, SGD & IDR 0.06%; while the biggest losers are INR 0.43%, TWD 0.23%, KRW 0.08% and HKD 0.01%.

USD/CNH is trading lower at 7.0522 from 7.0610 previously closed. Onshore spot market is trading lower at 7.0570 from 7.0680 closed before the national holiday. 12 month NDF followed both the on/offshore market and is trading lower at 6.9174 from 6.9259 previously closed.

USD/IDR spot market is trading lower at 16676 from 16688 previously closed. 1 month NDF is trading higher at 16669 from 16667 previously closed.

USD/INR onshore spot market is trading higher at 90.36 from 89.96 previously closed. 1 month NDF is trading higher at 90.54 from 90.07 previously closed.

NA Session

US data was mixed, with initial claims rebounding above trend to 236k to offset a below trend 192k in the preceding week that included the Thanksgiving holiday, but a narrower than expected $52.8bn September trade deficit, from $59.3bn in August. The trade surprise was largely due to a surge in exports of nonmonetary gold.  

The USD was generally softer, with EUR/USD rising to 1.1745 from 1.1715. The EUR was firm generally, with EUR/GBP at .8770 from .8750 and EUR/JPY rising to 182.70 after briefly dipping below 182.  EUR/CHF was however stable near .9330, sustaining a European dip. USD/JPY slipped to 155 before reversing most of its losses in a recovery to 155.55, with UST yields also moving off their lows. USD/CAD saw losses to 1.3770 from 1.38. AUD/USD sustained European gains, but was fairly stable through the North American session near .6670.