Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform individually against the USD as the market is generally quiet with little headline nor economics data. THB saw the largest gain of 0.82%, followed by MYR 0.34% and SGD 0.03%; the biggest loser is TWD 0.09%, IDR 0.06%, CNH 0.04%, PHP, KRW and CNY 0.01%.

USD/CNH is trading higher at 7.2143 compared to the 7.2112 at previously closed. Onshore spot USD/CNY is trading higher at 7.1979 from 7.1975 previously closed. 12 month NDF followed both the on/offshore market and is trading higher at 7.0070 compared to 7.0057 previously closed.

USD/IDR spot market is trading higher at 15646 from 15630 previously closed. 1 month NDF is trading higher at 15674 from 15647 previously closed.

USD/INR onshore spot market is trading higher at 82.90 from 82.89. 1 month NDF is trading higher at 82.99 from 82.94 previously closed.

NA Session

Another very quiet session in the FX markets saw the USD slightly higher against the CAD and JPY, but otherwise not much changed. US data was on the weak side of expectations but had little impact.

January durable goods orders plunged by an even steeper than expected 6.1% with the fall fully explained by a plunge in aircraft. Ex transport data was however was also on the weak side of expectations, with a fall of 0.3%, and with December now reporting a 0.1% decline rather than a 0.5% increase. February consumer confidence with a fall to 106.7 from a downwardly revised January reading of 110.9 (from 114.8) put the index below December’s 108.0 too, though remains above the levels seen in September, October and November. A recent bounce as hopes for rate cuts built appears to be fading.