Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading mostly stronger against the greenback as the broader risk mood recovers and soften the USD. The biggest winners are KRW 0.55%, followed by THB  0.53%, CNH 0.34%, SGD 0.30%, CNY 0.26%, IDR 0.20%, MYR 0.14%, HKD 0.08% and TWD 0.02%; while the biggest losers are PHP 0.07% and TWD 0.03%.

USD/CNH is trading lower at 7.0842 from 7.1062 previously closed. Onshore spot market is trading lower at 7.0846 from 7.1031 closed before the national holiday. 12 month NDF followed both the on/offshore market and is trading lower at 6.9453 from 6.9627 previously closed.

USD/IDR spot market is trading lower at 16662 from 16695 previously closed. 1 month NDF is trading lower at 16651 from 16674 previously closed.

USD/INR onshore spot market is trading lower at 89.22 from 89.23 previously closed. 1 month NDF is trading higher at 89.32 from 89.30 previously closed.

North American session

The USD weakened through the North American session with a modest late correction. A 0.2% rise in September retail sales, 0.3% ex autos, 0.1% ex autos and gasoline, and accompanied by an on consensus 0.3% rise in September PPI, that saw a below consensus 0.1% rise in the core rate ex food and energy. The initial USD dip on the data was quickly corrected, but subsequently resumed. November consumer confidence at 88.7 from 95.5 provided another below consensus release, though October pending home sales were stronger than expected with a rise of 1.9%. 

USD/JPY found support below 156 after falling from 156.50, perhaps cushioned by resilient equities. EUR/USD rose to 1.1565 from 1.1530, underperforming GBP/USD, though the latter was unable to sustain a move above 1.32. USD/CAD slipped to 1.41 from 1.4120 while AUD/USD rose to .6470 from .6450.