Forex - Asia Close Highlights

 08:42 (GMT) 12 Jan

  [Forex Highlights]

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Asia Close Highlights (0100-KGFW-C01)

12 January 2017

USDCNY midpoint fixing was significantly lower at 6.9141, and although new longs took the chance to drive the pair towards a high of 6.9245, momentum funds entered USD shorts in the other pairs and drove USDCNY to a low of 6.9081 after the disappointing Trump press conference. 1Y NDFs were also driven to a low of 7.1620 from 7.1932 as 1Y NDF points held around 26 big figures.

USD/SGD was bid up to a high of 1.4409 ahead of Trump's press conference, but retreated with the dollar sinking following the disappointment from the lack of fiscal details in his speech. A 1-month low of 1.4242 was printed before the pair consolidated around 1.4270 in the Asian session. Meanwhile, STI eyeing a break back below 3k, and was last seen trading near neutral.

USD/IDR broke below the 13300 support level as we had expected, to open at 13265, and traded just below 13300 thereafter until last check. Meanwhile, JKSE was last seen in black of 0.3%.

USD/INR gapped lower to open at 68.1500 vs. last close of 68.3200 but remained supported above the key 68 handle until last check. Meanwhile, SENSEX inched up to fresh 2-month highs, and was last seen in gains of nearly 0.3%.

Market Psychology

USD/CNY - Retreat in USDCNY offers a unique chance for fresh longs to come back in, preferably towards the 6.9000 handle.

USD/SGD - We continue to see upside potential on the back of weak economic conditions, and a break above 1.4300 should be seen into the end of the week. Focus is on retail sales data due on Friday.

USD/IDR - Break of support at 13300 relieves some upside pressures for now, and focus will now be on BI meeting scheduled for next week.

USD/INR - Resistance at 68.3700 continues to hold strong, and a test to break below the 68 handle is likely due to dollar weakness. We however continue to see upside potential in USD/INR.

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