Asia Open - Overnight Highlights

EMERGING ASIA
EM currencies perform individually against the USD as USD sees some recovery on USD/JPY regaining the 150 handle. PHP saw the largest gain of 0.32%, followed by SGD 0.13%, IDR 0.1%, HKD and INR 0.01%; the biggest losers are THB by 0.21% CNY 0.11%, TWD 0.09%, MYR 0.07% and CNH 0.05%.
USD/CNH is trading lower at 7.2113 compared to the 7.2078 at previously closed. Onshore spot USD/CNY is trading lower at 7.11968 from 7.1886previously closed. 12 month NDF diverged from both the on/offshore market and is trading higher at 7.0093 compared to 7.0080 previously closed.
USD/IDR spot market is trading lower at 15704 from 15719 previously closed. 1 month NDF is trading higher at 15722 from 15716 previously closed.
USD/INR onshore spot market is trading lower at 82.90 from 82.91. 1 month NDF is trading lower at 82.96 from 83.02 previously closed.
NA Session
The USD and the EUR were both generally firmer through the European morning, USD/JPY recovered back above 150 after selling off in the Asian session, and AUD/USD fell back below 0.65 from an open near 0.6520. But EUR/USD was little changed near 1.0835, after making some gains early in the session, with the EUR also making gains on the crosses against GBP, CHF and scandis.
European inflation data during the morning was broadly in line with expectations. The French HICP was slightly higher than expected at 3.1% y/y, but Spanish HICP was in line at 2.9% y/y, and German national HICP fell to 2.7% in January from 3.1% in line with consensus. Other data included German retail sales, which were weaker than expected in January but saw some upward revisions to November that suggested the underlying trend is weak but steady. Swedish Q4 GDP was weaker than expected at -0.1% q/q, but Q3 was revised up to -0.1% from -0.3%, while Swiss GDP was stronger than expected at 0.3% q/q in Q4. UK money and credit data was mixed, with M4 weaker than expected, falling 0.1% m/m, with mortgage lending also falling again, while consumer credit and mortgage approvals were both stronger than expected.