Asia Open - Overnight Highlights

EMERGING ASIA

EM currencies perform mostly stronger against the USD as the global risk sentiment recovered partially and subsequently USD softens. The biggest winners are KRW by 0.46%, TWD 0.43%, SGD 0.22%, PHP 0.17%, THB 0.08%, IDR & MYR 0.06%, CNH 0.04% and CNY by 0.01%; the largest loser are INR by 0.08%and HKD by 0.01%.

USD/CNH is trading lower at 7.3437 from 7.3470 previously closed. Onshore spot market is trading lower at 7.3311 than 7.3319 previously closed. 12 month NDF followed both the on/offshore market and is trading lower at 7.1742 compared to 7.1795 previously closed.

USD/IDR spot market is trading lower at 16265 from 16275 previously closed. 1 month NDF is trading lower at 16329 from 162335 previously closed.

USD/INR onshore spot market is trading higher at 86.64 from 86.58 previously closed. 1 month NDF is trading lower  at 86.82 from 86.93 previously closed.

NA Session

December US PPI with a 0.2% increase, with the ex food and energy rate unchanged, was weaker than expected, but a USD dip on the data was quickly erased. The USD did however build losses later on, led by EUR/USD rising marginally above 1.03 from near 1.2050. GBP/USD recovered above 1.22, but earlier EUR/GBP gains were sustained. USD losses versus AUD and CAD were modest while USD/JPY was little changed near 158. Equities and USTs were mixed but the UST curve steepened.