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Crude Palm Oil Weekly Report – January 20, 2018

Malaysian palm oil futures continued to trade down further, due to the strengthening ringgit, the tropical oil currency and concern from European Union (EU) on banning the use of palm oil in biofuels. The benchmark crude palm oil futures (FCPO) contract fell 2.79 per cent to RM2,474 on Friday, which is RM45 lower than RM2,545 […]


Strong local interest in turnkey tender for MRT Circle Line project

KUALA LUMPUR, Jan 19 — Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) has announced that four consortiums have submitted turnkey tenders with financing for the MRT Circle Line as the tender submission closed yesterday. Three out of the four…


Ringgit returns to 2016 levels as revival against US dollar continues

KUALA LUMPUR, Jan 19 — The Malaysian currency rose by half a per cent versus the US dollar in trading today, reaching a level not seen in nearly two years. In further signs of the ringgit’s recovery, the local note briefly touched 3.935 to the…


Asian currencies firm as US dollar wallows near three-year low

SINGAPORE, Jan 19 — Asian currencies strengthened today as the US dollar languished on fears over a US government shutdown and as China’s strong economic growth figures boosted sentiment in the region. The US dollar index was down 0.165 at…


Most South-east Asia stocks firm, Indonesia slips after hitting record

SINGAPORE, Jan 19 — Most South-east Asian stock markets firmed today and were on track to end the week higher as broader Asian shares climbed to an all-time top on data that showed China’s growth accelerated in 2017 for the first time in seven…


Ringgit opens higher against US dollar in early session

KUALA LUMPUR: The ringgit rebounded to open higher against the US dollar today on improved demand, said a dealer.

At 9.12am, the ringgit stood at 3.9410/9450 against the greenback from Thursday's close 3.9540/9570.

Oanda Corp Head of Trading for Asia Pacific, Stephen Innes, said the ringgit was not expected to undergo any surprises or significant moves ahead of the weekend, as it has been a pillar of stability this week.

He added that markets were pricing at roughly a 70% interest rate hike probability, which suggested an uptick in volatility early next week ahead of the Monetary Policy Committee meeting on Thursday (Jan 25), which will be a significant influence over the near-term direction.

“All in all, we should expect the ringgit to remain relatively rangebound today unless there is an unexpected shift in the broader US dollar narrative. The ringgit is trading stronger against the US dollar this week,” said Innes in a note today.

Meanwhile, the ringgit traded mostly higher against a basket of major currencies.

It strengthened against the euro to 4.8242/8303 from Thursday's 4.8290/8339 and rose against the Singapore dollar to 2.9838/9875 from 2.9887/9912.

The ringgit appreciated against the yen to 3.5498/5544 from 3.5522/5553, but eased against the British pound to 5.4752/4824 from 5.4731/4777. — Bernama


Government wants Labuan IBFC to trigger local economy

LABUAN: The federal government strives to turn the Labuan International Business and Financial Centre (IBFC) into a business and financial hub that can help trigger more meaningful economic activities on the island, Datuk Seri Najib Tun Razak said. The Prime Minister said it was time for Labuan IBFC to take a relook at its operational […]


Ringgit ends marginally lower versus greenback

KUALA LUMPUR: The ringgit close marginally lower against the US dollar today on the back of rising US Treasury yields, dealers said.

At 6pm, the local note finished at 3.9540/9570 against the greenback from 3.9520/9560 on Wednesday.

Oanda Corp Head of Trading for Asia Pacific, Stephen Innes, said the ringgit was initially traded higher, however the US Treasury yields rose and triggered a stronger US dollar momentum and some short covering in early trade.

“The ringgit is more than up for the challenge,” Innes said, adding that today's lethargic foreign exchange market moves suggested that investors would continue to take advantage of any opportunistic retreat on the dollar-ringgit exchange rate as bullish momentum remained intact.

“While higher US bond yields could present some headwinds for the local unit, surging global equity markets and higher energy prices more than offset the pressure from US interest rates, and the local traders started to re-engage short dollar-ringgit positions once the dollar correction ran out of steam,” said Innes.

Oil prices also lent support as there was tightening supply and strong global demand, he added.

The domestic note traded mixed against a basket of major currencies.

It declined against the Singapore dollar to 2.9887/9912 from Wednesday's 2.9867/9906, but advanced against the Japanese yen to 3.5522/5553 from 3.5674/5720 yesterday.

The ringgit eased against the British pound to 5.4731/4777 from 5.4506/4577 and was higher against the euro at 4.8290/8339 from 4.8388/8441. — Bernama


Ringgit ends lower on rising US Treasury yields

KUALA LUMPUR, Jan 18 — The ringgit close marginally lower against the US dollar today on the back of rising US Treasury yields, dealers said. At 6pm, the local note finished at 3.9540/9570 against the greenback from 3.9520/9560 on Wednesday….


SE Asia Stocks: Indonesia, Thailand set fresh records

BANGKOK, Jan 18 — Thai and Indonesian stocks scaled all-time peaks this morning and Singapore notched up a 10-year top as gains on Wall Street lifted broader Asian shares. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2…