Asia Open - Overnight Highlights

EMERGING ASIA
EM currencies perform mostly weaker against the USD as the greenback recovered in the earlier session before slumping in the New York session. CNH saw the largest losses of 0.20%, followed by TWD 0.09%, KRW and MYR 0.08%, SGD 0.05%, HKD 0.3%, THB, CNY and IDR by 0.01%; while the only winners are INR 0.14% and PHP 0.08%.

USD/CNH is trading higher at 7.1893 compared to the 7.1751 at previous close. Onshore spot USD/CNY is trading lower at 7.1675 from 7.1668 . 12 month NDF followed the onshore market and is trading higher at 7.0006 compared to 6.9830 previous closed.
USD/IDR spot market is trading higher at 15550 from 15549 previously closed. 1 month NDF is trading lower at 15555 from 15561 previous closed.
USD/INR onshore spot market is trading lower at 82.92 from 83.03. 1 month NDF is trading lower at 82.94 from 83.19 previously closed.

NA Session

The USD fell back sharply through the North American session, responding to weaker than expected PPI data. USD/JPY was the biggest mover, falling a big figure to trade below 144.50, but the AUD and CHF also made strong gains. EUR/USD and GBP/USD gains were more modest, as European yields matched the decline in US yields on the data, with EUR/USD only rising around 30 pips. 
US PPI fell 0.1% m/m in December against market expectations of a 0.1% rise, with core similarly below consensus at flat against 0.2%.