Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly weaker against the USD as the broad based risk aversion turned USD offers into bids. PHP saw the largest losses of 0.41%, followed by KRW and MYR 0.26%, TWD 0.14%, CNH 0.07%, CNY 0.06%, INR 0.05%, THB 0.04%, HKD 0.03%, SGD 0.02%.

USD/CNH is trading higher at 7.1208 from 7.1158 previously closed. Onshore spot USD/CNY is trading higher at 7.1213 from 7.1173 previously closed. 12 month NDF followed both the on/offshore market and is trading higher at 6.9296 compared 6.9281 to previously closed.

USD/IDR spot market is trading higher at 15526 from 15525 previously closed. 1 month NDF is trading higher at 15559 from 15551 previously closed.

USD/INR onshore spot market  is trading higher at 83.96 from 83.92 previously closed. 1 month NDF is trading higher at 84.04 from 83.99 previously closed.

North America Session

The USD saw some early losses as UST yields fell led by a plunge in oil prices due to hopes for an end to supply disruptions in Libya, but the USD losses were subsequently reversed. EUR/USD and USD/JPY were little changed near 1.1040 and 145.60 respectively. GBP/USD came under some pressure, seeing lows below 1.31. AUD/USD was also soft, falling to .6710.

US data had little impact. August’s ISM manufacturing index at 47.2 was up from 46.8 in July but still weak, with the new orders and production indices slipping. July construction spending fell by 0.3% but was slightly firmer net of revisions.