Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as USD gained traction later in the day after working against the JPY earlier. The biggest winners are CNH by 0.13%, followed by CNY 0.12%, TWD 0.07% and PHP 0.01%; the largest loser are INR 0.14%, SGD 0.11%, KRW 0.06% and MYR 0.01%.

USD/CNH is trading lower at 7.2579  from 7.2675 previously closed. Onshore spot market is trading lower at 7.2498 from 7.2586 previously closed. 12 month NDF followed both the on/offshore market and is trading lower at 7.0884 compared to 7.0907 previously closed.

USD/IDR spot market is trading higher  at 15871 from 15867 previously closed. 1 month NDF is trading higher at 15913 from 15861 previously closed.

USD/INR onshore spot market is trading higher at 84.86 from 84.73 previously closed. 1 month NDF is trading higher at 85.05 from 85 previously closed.

North America Session

After largely ignoring a downward revision to Q3 unit labor costs to 0.8% from 1.9%, the USD picked up later in the morning, but with the exceptions of USD/JPY and USD/CHF, the USD advance struggled to hold. USD/JPY saw highs above 152 with only a modest subsequent correction, while USD/CHF moved up to .8825. EUR/USD found support at 1.05 and recovered to 1.0525 with EUR/CHF stronger but EUR/GBP weaker as GBP/USD rebounded to 1.2775 after slipping to 1.2725. A bounce in USD/CAD to near 1.42 was largely reversed. AUD/USD saw a low of 0.6365 and ended slightly weaker.