Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading mostly weaker against the greenback as USD . The biggest winners are PHP 0.30%, CNH 0.1%, CNY 0.10%; while the biggest losers are THB 0.75%, KRW 0.30%, TWD 0.20%, SGD 0.19%, INR 0.16%, MYR 0.10% and HKD 0.06%.

USD/CNH is trading lower at 6.9822 from 6.9935 previously closed. Onshore spot market is trading lower at 6.9847 from 6.9916. 12 month NDF followed both the on/offshore market and is trading lower at 6.8633 from 6.8705 previously closed.

USD/IDR spot market is trading higher at 16798 from 16780 previously closed. 1 month NDF is trading higher at 16821 from 16772 previously closed.

USD/INR onshore spot market is trading higher at 90.02 from 89.88 previously closed. 1 month NDF is trading unchanged at 90.10 from previously closed.

NA Session

US data was USD supportive, most notably a sharp fall in the October trade deficit to $29.4bn from $48.1bn, though with most of the surprise coming from a sharp rise in exports of nonmonetary gold and a sharp fall in imports of pharmaceutical preparations the drop does not look sustainable. Initial claims at 208k from 200k remain low while Q3 non-farm productivity at 4.9% was strong as expected. Unit labor costs were weak at -1.9% but a tariff-led surge in non-labor costs left the overall implicit deflator strong at 4.0%. 

 USD/JPY rose to 157 from 156.70, and EUR/USD fell to 1.1650 from 1.1675. EUR/GBP was softer, slipping to .8675 from .8685.  Despite a sharp rise in oil prices, the commodity currencies were little changed.