Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading mostly weaker against the greenback as U.S. data came in stronger than expected. The only winners are THB 0.04%, followed by TWD 0.02% and HKD 0.01%; while the biggest losers are IDR 0.32%, followed by PHP 0.31%, SGD 0.26%, KRW 0.17%, INR 0.16%, MYR 0.08%, CNH 0.06% and CNY 0.04%.

USD/CNH is trading higher at 7.1844 from 7.1799 previously closed. Onshore spot market is trading higher at 7.1817 from 7.1785. 12 month NDF followed both the on/offshore market and is trading higher at 7.0100 from 7.0092 previously closed.

USD/IDR spot market is trading higher at 16331 from 16278 previously closed. 1 month NDF is trading higher at 16353 from 16310 previously closed.

USD/INR onshore spot market is trading higher at 86.08 from 85.94. 1 month NDF is trading higher at 86.17 from 86.00 previously closed.

NA Session

US data was stronger than expected, with June retail sales up by 0.6%, initial claims falling to 221k from 228k and July’s Philly Fed manufacturing survey bouncing to 15.9 from -4.0. However, the boost to the USD from the data was small and brief, and the USD subsequently moved slightly below pre-data levels, EUR/USD near 1.16 and USD/JPY near 148.60. AUD/USD recovered from European lows to .6490.