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Wednesday, 13 December 2017

#Ringgit unchanged. Singapore dollar to 3.0146/0178 from 3.0171/0207; yen to 3.5927/5960 from 3.5933/5963


Malaysia: The ringgit was unchanged against the US dollar in the absence of fresh direction and on subdued demand for the local note amid the firmer greenback, dealers said.
At 9 am, the local unit was pegged at yesterday's close of 4.0770/0800.
However, a dealer said an imminent hike in interest rates both at home and the United States, which pushed the dollar to a one-month high last night, could fuel risk appetite today.
Rising crude oil prices, which was currently trading above US$65 per barrel, the highest since mid-2015, would also help spur demand for the ringgit today.
Meanwhile, the ringgit was traded higher against a basket of major currencies.
It rose against the Singapore dollar to 3.0146/0178 from 3.0171/0207 on Tuesday and advanced against the yen to 3.5927/5960 from 3.5933/5963 yesterday.
The local note also strengthened against the British pound to 5.4297/4350 from Tuesday's 5.4391/4456 and appreciated against the euro to 4.7880/7928 from 4.8035/8083 yesterday.

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Tuesday, 12 December 2017

Asian markets struggled; World’s top economy is in rude health; Scanned for clues; Swoon gave way to renewed confidence


HONG KONG: Asian markets struggled to build on their recent rally as investors cashed in while also looking ahead to key central bank meetings that could provide an idea about monetary policy in the new year.
Wall Street provided yet another record-breaking lead as the selling that hit equities at the start of the month abates, while energy firms were supported by stronger oil prices.
The week kicked off on a high following forecast-busting jobs data from the US on Friday, which reinforced the view that the world's top economy is in rude health.
However, dealers were unable to build on the gains Tuesday, with analysts also pointing to thinning volumes towards the end of the year.
By the break in Tokyo the Nikkei was flat, while Hong Kong and Sydney were also barely moved.
Shanghai slipped 0.3 percent, Seoul was down 0.4 percent and Singapore was off 0.2 percent.
"It's been a few good days on Asia's stock markets as last week's swoon gave way to renewed confidence," said Greg McKenna, chief market strategist at AxiTrader.
He added that" save for the recent weakness Asian stock markets have generally performed reasonably well over the past few months.”
McKenna attributed the recent losses to profit-taking and lingering concerns about China's economy" rather than anything chronic or outright negative.”
Focus is now on the last policy meetings of central banks in the US, Britain and the eurozone this week.
While the Federal Reserve is expected to lift interest rates again, the key will be comments from bank boss Janet Yellen, which will be scanned for clues about its timetable for future increases.
Bitcoin futures for January ended at $18,850.00 as the cryptocurrency launched in a major exchange Sunday, well above its $15,000 initial price on the Cboe.
The Cboe launch marked the first opportunity for professional traders to invest in the digital unit on a traditional platform and is expected to be followed in a week by a rival listing on the Chicago Mercantile Exchange.
The spot price for Bitcoin quoted by Bloomberg News – which is lower than the Cboe – was up just 0.3 percent at $16,16.760.
On crude markets both main contracts built on Monday's surge that came on news that a pipeline in the North Sea has been shut down for a few weeks after it was found to be leaking.
"This is a significant outage at this pipeline supplies nearly 40 percent of the North Sea’s Crude which represents around 550,000 barrels per day," said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.
The closure provided some much-needed support to the commodity as traders grow concerned that a Russia-OPEC output cap could be reviewed next year.
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Monday, 11 December 2017

#Ringgit opens marginally higher; rose against the Singapore dollar; advanced against the yen; appreciated against the British pound.


Malaysia: The ringgit opened marginally higher against the US dollar today on renewed demand, buoyed by positive spillover effect from the bullish October trade data and gross domestic product forecast, a dealer said.
At 9 am, the local unit opened at 4.0850/0880 against the greenback from 4.0870/0890 on Friday.
A dealer said the better trade performance prompted buying momentum for the local note.
Data released by the Ministry of International Trade and Industry showed that Malaysia's total trade in October 2017 surged 19.8 per cent year-on-year (y-o-y) to RM154.26 billion, with exports rising 18.9 per cent to RM82.41 billion.
The dealer said the local note should have a bit more room to rally as the real domestic and external positive sentiments outweighed speculative wagers on the US dollar.
Against a basket of major currencies, the ringgit was traded mostly higher, except against the euro.
It rose against the Singapore dollar to 3.0188/0230 from 3.0191/0217 on Friday, advanced against the yen to 3.5941/5976 from 3.5983/6011 and appreciated against the British pound to 5.4694/4746 from 5.5076/5107 previously.
The local note was traded lower against the euro at 4.8089/8128 from 4.7961/7997 on Friday.

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Friday, 8 December 2017

#Ringgit opened flat; higher against a basket of other major currencies; local unit opened at 4.0860/0900


Malaysia: The ringgit opened flat against the US dollar this morning as the greenback strengthened on continued US tax reform bill optimism.
At 9am, the local unit opened at 4.0860/0900 against the greenback from 4.0860/0890 on Thursday.
However, the local note was traded mostly higher against a basket of other major currencies.
The ringgit rose against the Singapore dollar to 3.0206/0247 from 3.0255/0298 yesterday, and advanced against the euro to 4.8080/8131 from 4.8170/8209 on Thursday.
It was higher against the yen at 3.6083/6124 from Thursday's 3.6265/6301, but depreciated against the British pound to 5.5006/5084 from 5.4667/4719 yesterday.

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Thursday, 7 December 2017

#Ringgit slumps; fell against the #Singapore-dollar; slipped against the #Euro; decreased against the #British-pound; declined against the #Yen


Malaysia: The ringgit opened lower against the US dollar this morning as the greenback strengthened on continued optimism on US tax reforms.
At 9am, the local unit opened at 4.0840/0870 against the greenback, from 4.0730/0780 on Wednesday.
The local note was also traded lower against a basket of other major currencies.
It fell against the Singapore dollar to 3.0252/0290 from 3.0213/0261 yesterday, and slipped against the euro to 4.8171/8294 from 4.8155/8218 on Wednesday.
It decreased against the British pound to 5.4652/4700 from 5.4513/4584 yesterday, and declined against the yen to 3.6315/6348 from Wednesday's 3.6311/6365.

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Wednesday, 6 December 2017

Ringgit opens unchanged; #Lawmakers fail to reach a budget accord this week!


Malaysia: The ringgit took a breather from yesterday's rally to open flat against the US dollar this morning with support for the local note remaining positive, dealers said.
At 9 am, the local unit opened at Tuesday's closing level of 4.0650/0680 against the greenback.
A dealer said support for the local currency would remain positive as the US dollar edged down on the possibility of a US government shutdown, if lawmakers fail to reach a budget accord this week as government funding was set to expire on Friday.
"Positive sentiment brought about by strong economic forecast on the back of strong exports for Malaysia, firm crude oil prices as well as expectation of an overnight policy rate rise in January next year would continue to lend support for the ringgit," he added.

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Tuesday, 5 December 2017

#Ringgit opens higher; #Continuous-support-local-note, #Strong-economic-forecast, #Strong-exports


Malaysia: The ringgit opened higher against the US dollar today on continuous support for the local note, dealers said.
At 9 am, the local unit opened at 4.0480/0510 against the US dollar from Monday's 4.0600/0650.
A dealer said the ringgit continued yesterday's rally which saw the local currency surged 0.68 per cent against the US dollar to 4.0630, the best since September 2016.
"Investors were positive of the ringgit which was supported by strong economic forecast on the back of strong exports, firm crude oil prices as well as expectation of an overnight policy rate rise in January next year," he said
Against a basket of major currencies, the local note was traded mixed.
The ringgit rose against the Singapore dollar to 3.0056/0092 from 3.0094/0142 yesterday and improved against the euro to 4.8046/8098 from 4.8123/8191 on Monday.
It decreased against the British pound to 5.4539/4587 from 5.4522/4609 on Monday and slipped against the yen to 3.5992/6028 from yesterday's 3.5958/5009.

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Monday, 4 December 2017

#Ringgit’s rebound! Better crude oil prices in anticipation growing hopes.


Malaysia: The ringgit opened marginally higher against the US dollar today on emerging mild support for the local note, dealers said.
At 9 am, the local unit opened at 4.0870/0900 against the US dollar from Thursday's 4.0875/0915.
The market was closed on Friday for the Maulidur Rasul public holiday.
A dealer said the ringgit's rebound was on the back of better crude oil prices in anticipation of growing hopes of a cut in oil production by major producers, especially the Organisation of the Petroleum Exporting Countries.
Against a basket of major currencies, the local note was traded lower except versus the yen.
The ringgit fell against the Singapore dollar to 3.0294/0330 from 3.0278/0328, weakened against the euro to 4.8509/8548 from 4.8355/8419, decreased against the British pound to 5.5064/5121 from 5.5001/5072 but rose against the yen to 3.6239/6275 from Thursday's 3.6379/6424 .

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Friday, 1 December 2017

Exit the cuts so the market doesn’t flip into a deficit too soon. #Opec #non-Opec


VIENNA: Opec agreed on Thursday to extend oil production cuts until the end of 2018, a delegate said as the group strives to finish clearing a global glut of crude and avoid another price crash.

The agreement in principle was reached after several hours of debate at Opec headquarters in Vienna. The delegate said Opec was still discussing whether to cap the oil output of Libya, which had been exempted from production cuts due to unrest.

The 14-member Organisation of the Petroleum Exporting Countries had yet to meet non-Opec producers led by Russia later on Thursday to approve the extension of joint production cuts.

Non-Opec Russia, which this year reduced production significantly with Opec for the first time, has been pushing for a clear message on how to exit the cuts so the market doesn't flip into a deficit too soon.

With oil prices rising above US$60, Russia has expressed concerns that such an extension could prompt a spike in crude production in the United States, which is not participating in the deal.

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