Asia Open - Overnight Highlights
EMERGING ASIA
EM currencies are trading individually against the greenback as market participants remain cautious over the weekend as Trump heads to Asia. The biggest losers are KRW 0.13%, followed by SGD 0.03%, PHP 0.02%, CNH 0.01%; while the biggest winners are THB 0.31%, IDR 0.15%, MYR 0.10%, HKD 0.02% and CNY 0.01%.
USD/CNH is trading higher at 7.1261 from 7.1256 previously closed. Onshore spot market is trading higher at 7.1225 from 7.1233 closed before the national holiday. 12 month NDF followed both the on/offshore market and is trading higher at 6.9866 from 6.9850 previously closed.
USD/IDR spot market is trading lower at 16602 from 16629 previously closed. 1 month NDF is trading lower at 16624 from 16630 previously closed.
USD/INR onshore spot market is trading unchanged at 87.85. 1 month NDF is trading higher at 87.96 from 87.93 previously closed.
North American session
US September CPI was weaker than expected, gains of 0.3% overall and 0.2% ex food and energy both 0.1% below the consensus. The USD saw an instant dip, EUR/USD rising to near 1.1650 from 1.1615 and USD//JPY falling to 152.30 from 152.95. The USD dip was however largely reversed, stronger October S and P PMI indices of 52.2 from 52.0 for manufacturing and 55.2 from 54.2 for services providing support. The final October Michigan CSI was revised down to 53.6 from 55.0, but the 5-10 year inflation view was revised up to 3.9% from 3.7%.
EUR/USD corrected to around 1.1630 but remained above pre-data levels. EUR/GBP at .8740 from .8720 was also stronger as GBP/USD returned to pre-data levels near 1.33. EUR/CHF also saw modest gains to .9250. USD/JPY saw a bounce that briefly cleared 153 and settled near pre-data levels. The USD also fully reversed its initial losses versus AUD and CAD, though with equites stronger AUD/USD at .6510 ended slightly above pre-data levels near .65 and USD/CAD at 1.40 ended below pre-data levels near 1.4030. Ontario Premier Ford announced a pause starting Monday on an advert that prompted Trump to exit US-Canada trade talks.