Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly stronger against the USD as the greenback is under strong pressure from JPY gains on hawkish expectation from the BoJ. CNH saw the largest gains of 0.38%, followed by MYR 0.32%, CNY 0.27%, THB 0.21%, SGD 0.09, TWD 0.08% and INR 0.01%; the biggest losers are PHP 0.22%, IDR and KRW  0.12% and INR 0.01%.

USD/CNH is trading lower at 7.2438 from 7.2716 previously closed. Onshore spot USD/CNY is trading lower at 7.2410 from 7.2603 previously closed. 12 month NDF followed both the on/offshore market and is trading lower at 7.0430 compared 7.0621 to previously closed.

USD/IDR spot market is trading higher at 16300 from 16281 previously closed. 1 month NDF is trading higher at 16336 from 16310 previously closed.

USD/INR onshore spot market is trading lower at 83.72 from 83.73 previously closed. 1 month NDF is trading unchanged at 83.82.

NA Session

USD/JPY fell sharply from 155 to touch as low as 153 with only a marginal subsequent correction, with UST yields also lower. The USD however saw gains against EUR and GBP, with EUR/USD briefly touching below 1.08 before a modest correction. This saw EUR/JPY falling from above 167.50 to briefly touch 165.50. While EUR/GBP was fairly stable EUR/CHF slipped to .9560 from near .96. AUD/USD and USD/CAD saw little net movement, with the latter showing slightly more volatility. 

The USD saw only a brief boost from stronger than expected June JOLTS job openings, at 8.184m from an upwardly revised 8.23m. At the same time July consumer confidence rose to 100.3 from a downwardly revised 97.8.