Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as the greenback reversed its decline against major in the U.S. session after witnessing stronger GDP but its gain is limited outside of pairs that was oversold. CNH saw the largest gains of 0.36%, followed by MYR and CNY 0.23%, THB 0.05%, HKD 0.03% and INR 0.01%; the biggest losers are KRW 0.23%, IDR 0.22%.

USD/CNH is trading lower at 7.2402 from 7.2663 previously closed. Onshore spot USD/CNY is trading lower at 7.2469 from 7.2635 previously closed.. 12 month NDF followed both the on/offshore market and is trading lower at 7.0460 compared 7.0639 to previously closed.

USD/IDR spot market is trading higher at 16250 from 16215 previously closed. 1 month NDF is trading higher at 16343 from 16255 previously closed.

USD/INR onshore spot market is trading lower at 83.70 from 83.71 previously closed. 1 month NDF is trading higher at 83.83 from 83.82.

NA Session

Q2 US GDP came in stronger than expected at 2.8% with core PCE prices on the firm side of expectations at 2.9%. June durable goods orders did plunge by 6.6% on aircraft but the ex-transport gain of 0.5% was on the firm side of trend, while initial claims slipped by 10k to 235k. The data gave a boost to the USD, most notably USD/JPY, which bounced from near 152.70 to see highs above 154. 

Elsewhere however the USD gains were modest and brief.  Commodity currencies outperformed with AUD/USD rising to .6550 from .6525 and USD/CAD slipping to 1.3815 from 1.3845, though equity gains faded in the afternoon. EUR/USD kept to a tight range centered on 1.0850 but outperformed GBP, with EUR/GBP advancing to near .8440.