Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies are trading individually against the greenback as Trump challenges Fed's independency again by trying to fire Governor Lisa Cook. The biggest losers are TWD 0.34%, followed by MYR 0.27%, IDR 0.26%, KRW 0.24%, PHP 0.23%, THB 0.13% and INR 0.11%; while the largest winners is HKD by 0.23%, CNH 0.07%, SGD 0.02% and CNY 0.01%.

USD/CNH is trading higher at 7.1533 from 7.1584 previously closed. Onshore spot market is trading lower at 7.1528 from 7.1536. 12 month NDF followed the onshore market and is trading lower at 6.9947 from 7.0006 previously closed.

USD/IDR spot market is trading higher at 16295 from 16253 previously closed. 1 month NDF is trading lower at 16321 from 16371 previously closed.

USD/INR onshore spot market is trading higher at 87.68 from 87.58 previously closed. 1 month NDF is trading higher at 87.79 from 87.76 previously closed.

North American session

The USD was generally weaker as worries over Fed independence persisted, though ended off its lows. Fed Governor Cook announced a legal challenge to her dismissal by Trump and the Fed stated it would abide by the any court ruling. EUR/USD was little changed at 1.1640 after peaking at 1.1665 while EUR/CHF slipped to .9355 from .9375. USD/JPY was slightly weaker at 147.40 after briefly slipping below 147.20. GBP/USD held up near 1.3480 while AUD/USD tested .65.  

July US durable goods orders were less weak than expected at -2.8% with ex transport unexpectedly firm with a 1.1% increase, giving a brief and modest lift to the USD. August consumer confidence at 97.4 was slightly above consensus but down from 98.7 in July, which was revised up from 97.2. Consumers were less positive on employment and expectations for inflation increased.