Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly stronger against the USD with risk mood broadly positive. IDR saw the largest gains of 0.77%, followed by PHP 0.62%, SGD 0.51%, CNH 0.43%, THB 0.37%, KRW and CNY 0.28%, MYR 0.15% and HKD 0.03%; the only losers is TWD 0.03% .

USD/CNH is trading lower at 7.1479 from 7.1784 previously closed. Onshore spot USD/CNY is trading lower at 7.1550 from 7.1747 previously closed. 12 month NDF followed both the on/offshore market and is trading lower at 6.9710 compared 6.9996 to previously closed.

USD/IDR spot market is trading lower at 15833  from 15955 previously closed. 1 month NDF is trading lower at 15758 from 15957 previously closed.

USD/INR onshore spot market is trading higher at 83.97 from 83.96 previously closed. 1 month NDF is trading lower at 83.96 from 84.02 previously closed.

NA Session

US July PPI data was weaker than expected, up 0.1% overall and unchanged ex food and energy, though slightly stronger at 0.3% ex food and energy and trade with trade prices reversing a strong rise in June. The USD slipped on the data and extended losses well into the afternoon, falling by around 0.5% overall.

USD/JPY, which had peaked near 148, slipped from around 147.50 at the time of the data to 146.75. EUR/USD tested 1.10 from 1.0930, while GBP/USD rose to 1.2865 from 1.2780. EUR/GBP edged off its lows while EUR/CHF advanced to .95. AUD/USD rose to .6635 from below .66 and USD/CAD slipped to 1.3710 from 1.3740.  

Before the PPI July’s US NFIB index of small business optimism rose to 93.7, reaching its highest since February 2022, from 91.5, though signals on inflation were softer and there was little market impact.