Clone - Asia Open - Overnight Highlights

EMERGING ASIA
EM currencies perform mostly stronger against the USD as the greenback fell on strong risk sentiment driven the the breaking of all time high in U.S. equities. TWD saw the largest gains of 0.46%, followed by SGD 0.25%, THB 0.22%, CNH 0.17%, INR 0.06%, CNY and HKD 0.04%, IDR 0.03%, KRW 0.02% and MYR 0.01%; the biggest loser is PHP by 0.24%.
USD/CNH is trading lower at 7.2036 compared to the 7.2160 at previous close. Onshore spot USD/CNY is trading lower 7.1934 compared to the 7.1963 at previous close. 12 month NDF followed both the on/offshore market and is trading lower at 7.0167 compared to 7.0287 previous closed.
USD/IDR spot market is trading lower at 15615 from 15624 previously closed. 1 month NDF is trading higher at 15628 from 15623 previous closed.
USD/INR onshore spot market is trading lower at 83.06 from 83.12. 1 month NDF is trading lower at 83.21 from 83.25 previously closed.
NA Session
There was little FX movement of any note in the Friday North American session. The USD did start the session strong, gaining some ground across the board and particularly against the JPY with USD/JPY reaching a high of 148.54, but as equities built gains the USD ended the session slightly weaker. EUR/USD gains stalled ahead of 1.09 while GBP/USD advanced to near 1.27. USD/JPY found support at 148 while USD/CAD fell from near 1.35 to below 1.3440,
University of Michigan confidence data was clearly on the strong side of expectations, but USD gains mostly preceded the data, and subsided after it. January’s gain to 78.8 from 69.7 was the second straight strong rise and the highest since July 2021. Inflation expectations edged slightly lower. December existing home sales however remained weak, -1.0% to 3.78m. The only other news of note was a 0.2% decline in November Canadian retail sales, but this had little impact.