Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly stronger against the USD as the greenback trades broadly weaker on positive sentiment and soft USD data. MYR saw the largest gains of 1.09%, followed by CNH 0.70%, SGD 0.55%, THB 0.45%, KRW 0.30%, CNY 0.29%, TWD 0.23% IDR 0.1% and HKD 0.02%; the biggest loser is PHP by 0.52%, followed by INR 0.14%.

USD/CNH is trading lower at 7.0110 from 7.0604 previously closed. Onshore spot is trading lower at USD/CNY 7.0317 from 7.0521  previously closed. 12 month NDF followed both the on/offshore market and is trading lower at 6.8365 compared to 6.8874 previously closed.

USD/IDR spot market is trading lower at 15187 from 15206 previously closed. 1 month NDF is trading lower at 15149  from 15205 previously closed.

USD/INR onshore spot market is trading higher at 83.66 from 83.55 previously closed. 1 month NDF is trading higher at 83.72 from 83.66 previously closed.

North America Session

The USD took a hit from softer US consumer confidence data, September seeing a decline to 98.7 from 105.6, with eyes in particular on weaker labor market perceptions. USD/JPY fell to 143.25 from near 144 while EUR/USD rose to 1.1175 from 1.1140.  EUR/JPY, having peaked near 161, fell back to near 160.  

The commodity currencies were supported by gains in oil as well as the US data, USD/CAD falling to 1.3440 from 1.35 and AUD/USD advancing to .6890 from .6850. BoC’s Macklem said further rate cuts were likely but timing and pace was dependent on data