Asia Open - Overnight Highlights

EMERGING ASIA

Most EM currencies are trading individually against the greenback as the U.S. CPI tread lower and drove most action only in NA session. The largest loser is THB by 0.6%, followed by PHP 0.57%, MYR 0.5%, TWD 0.46% and HKD 0.08%; while the biggest winner is SGD 0.39%, KRW 0.18%, INR  0.03%, CNH 0.02% and CNY 0.01%.

USD/CNH is trading lower at 7.1991 from 7.2006  previously closed. Onshore spot market is trading lower at 7.2046 from 7.2053. 12 month NDF followed both the on/offshore market and is trading lower at 7.0235 compared to 7.0273 previously closed.

USD/IDR spot market is closed. 1 month NDF is trading lower at 16637 from 16723 previously closed.

USD/INR onshore spot market is trading lower at 85.34 from 85.38. 1 month NDF is trading higher at 85.13 from 85.12 previously closed.

NA Session

US CPI came in on the weak side of expectations, up 0.2% both overall and core, 0.22% and 0.24% respectively before rounding. The initial response to the data was modest and UST yields, like equities, ended the day higher, but the USD moved steadily lower through the session. 

EUR/USD rose to 1.1185 from 1.110, while GBP/USD reached 1.33 from 1.3220. EUR/GBP saw limited movement but EUR/CHF rallied to .94 from .9350. USD/JPY slipped from 148.20 to 147.50. AUD/USD rallied to .6475 from .64 with AUD.CAD moving above .90, though USD/CAD did slip below 1.3950 after an early move above 1.40.