Overnight Price Action
S&P futures are up 0.2% and most Asian markets have rallied. The Nikkei and Hang Seng are exceptions, down 0.7% and 0.1% respectively, but Shanghai is up 0.3%, the Kospi has rallied, 0.6%, the Philippines’ market has added another 1.7% after yesterday’s better than expected GDP data, and Indonesia’s market is up 1% in response to IDR stability.
G10 FX is essentially sideways again today. AUDUSD is up slightly to 0.8948, but EURUSD is stable at 1.3242 after yesterday’s fall and USDJPY is at 98.23. EM Asia currencies are similarly flat. USDKRW is being held at 1109.91. USDINR has jumped up to 67.355 at the open, unwinding some of yesterday’s fall and USDIDR NDFs are nudging higher from yesterday’s closes. The MYR stands out for its rally to 3.3005 to the USD, in part in response to continued pledges from Malaysia’s government to reduce its budget deficit.
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Credit Suisse