Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as the global market remains choppy. The biggest winners are INR by 0.27%, followed by THB 0.11%, TWD 0.04% and CNY 0.01%; while the largest losers are KRW 0.48, IDR 0.15%, SGD 0.03% and CNH & PHP 0.01%.

USD/CNH is trading higher at 7.2277 from 7.2271 previously closed. Onshore spot market is trading lower at 7.2256 from 7.2262  previously closed. 12 month NDF followed the onshore market and is trading lower at 7.0480 compared to 7.0515 previously closed.

USD/IDR spot market is trading higher at 16425 from 16400 previously closed. 1 month NDF is trading higher at 16544 from 16383 previously closed.

USD/INR onshore spot market is trading lower at 86.56 from 86.79 previously closed. 1 month NDF is trading lower at 86.83 from 86.92 previously closed.

NA Session

US data was on the strong side of expectations with a 11.2% rise in housing starts and a 0.7% increase in industrial production. The USD saw some early strength with EUR/USD slipping briefly below 1.09 and USD/JPY getting close to 150, but with equities and UST yields subsequently slipping USD/JPY slipped back to 149.10. EUR/USD returned to 1.0950 near European highs while GBP/USD managed a fresh high above 1.30. German fiscal reform was passed and Russia agreed to a 30-day truce on Ukrainian energy infrastructure, but not a full ceasefire. 

Equity weakness weighed on the commodity currencies, though AUD/USD was only marginally weaker after seeing a brief dip below .6350. A rise in Canadian CPI to 2.6% from 1.9% helped USD/CAD see a low of 1.4270 but a rebound above 1.43 followed.