Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as the greenback reversed early gains on softer U.S. data. INR saw the largest gains of 0.18%, followed by MYR 0.16%, SGD 0.08%, PHP 0.05%, HKD 0.04% and CNY 0.03%; the biggest loser is THB 0.05%, TWD 0.04% and CNH 0.01%.

USD/CNH is trading higher at 7.2711 from 7.2701 previously closed. Onshore spot USD/CNY is trading lower at 7.2539 than 7.2561 previously closed. 12 month NDF the offshore market and is trading higher at 7.0506 compared 7.0503 to previously closed.

USD/IDR spot market is closed. 1 month NDF is trading lower at 16425 from 16484 previously closed.

USD/INR onshore spot market is trading lower at 83.41 than 83.56 previously closed. 1 month NDF is trading lower at 83.44 than 83.57 previously closed.

NA Session

The USD dipped on a weaker than expected May US retail sales number, up 0.1% overall, and excluding autos and gas, and down 0.1% ex autos, with modest negative back month revisions. A subsequent stronger than expected 0.9% increase in industrial production, with manufacturing also up by 0.9%, had little impact. There was plenty of Fed talk, with Collins, Logan and Musalem sounding hawkish. Williams, Barkin, Kugler and Goolsbee were more balanced, but few sounded notably dovish.

USD/JPY and EUR/USD finished not far from where they were shortly after the data, around 157.80 and 1.0740 respectively, compared to 158.10 and 1.0715 before the data.  AUD/USD above .6650 and USD/CAD near 1.3720 extended their initial post-data moves, as did GBP/USD which moved above 1.27 though EUR/GBP ended little changed. EUR/CHF remained weak, falling to .8490.