Friday 29 Mar 2024
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KUALA LUMPUR (Dec 26): Malaysia’s ringgit advances for first time in three days as onshore markets reopen after the Christmas holiday.

* USD/MYR falls 0.2% to 4.1780 vs range of 4.1780-4.1855

** Onshore markets were shut Tuesday for Christmas 

* USD/MYR is likely to stay below the 4.20 resistance mark given the improvement in U.S.-China trade relations, Scotiabank FX strategist Qi Gao writes in daily note

** Still, weak oil prices will remain a drag on the ringgit 

* USD will probably stay relatively supported in early 2019, as the Fed continues to raise rates and shrink its balance sheet, says Irene Cheung, a senior strategist at ANZ in Singapore

** Asian FX will perform better from mid-2019 as the Fed would have completed its hiking cycle by then

* 10-year govt bond yield rose 1bp on Monday to 4.11%

* Govt will set gasoline prices on a weekly basis from Jan. 1 and cap the price of RON95 fuel at RM2.20 per liter, Finance Minister Lim Guan Eng said Dec. 24

* Trade surplus probably narrowed to RM10.3b in November from RM16.3b in October: Bloomberg survey before data due Jan. 4

** Exports rose 7.9% in November y/y vs +17.7% in October: survey

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