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Ringgit gains most in a month as U.S. jobs data ease Fed concern
by Cals Mon 05 Aug 2013, 14:50
Ringgit gains most in a month as U.S. jobs data ease Fed concern
Business & Markets 2013
Written by Bloomberg
Monday, 05 August 2013 13:10
(Aug. 5): Malaysia’s ringgit strengthened the most in a month after U.S. jobs data tempered speculation the Federal Reserve is set to rein in stimulus that has boosted demand for emerging-market assets. Government bonds climbed.
Payrolls in the world’s largest economy rose by 162,000 in July, the least in four months, and below the 185,000 increase forecast by economists. The Fed, which last week pledged to keep buying $85 billion of bonds every month, said July 17 it may even increase the quantitative easing if the economy doesn’t perform to its expectations. Services industries in China, Malaysia’s second-biggest market, showed the first pick-up in growth since March, according to an Aug. 3 report.
“The payroll numbers were lower than expected and that has pushed back expectations a bit that the Fed will start QE tapering in September,” said Choong Yin Pheng, a senior manager for fixed income and economic research at HONG LEONG BANK BHD []. in Kuala Lumpur. “For this week, the ringgit will trade in the range of 3.22-3.28.”
The currency strengthened 0.5 percent, the most since July 9, to 3.2423 per dollar as of 12:09 p.m. in Kuala Lumpur, according to data compiled by Bloomberg. It touched 3.2590 on Aug. 2, the weakest level since July 2010. One-month implied volatility, a measure of expected moves in exchange rates used to price options, fell 25 basis points to 8.48 percent.
China’s non-manufacturing Purchasing Managers’ Index rose to 54.1 in July from 53.9 in June, the National Bureau of Statistics and China Federation of Logistics and Purchasing said. A report compiled by Markit released today showed China’s services activity was unchanged in July. Malaysian exports fell 6.9 percent in June, the fifth straight month of declines, according to official figures released today.
The yield on the 3.26 percent sovereign notes due March 2018 retreated three basis points, or 0.03 percentage point, to 3.69 percent, according to data compiled by Bloomberg.
Business & Markets 2013
Written by Bloomberg
Monday, 05 August 2013 13:10
(Aug. 5): Malaysia’s ringgit strengthened the most in a month after U.S. jobs data tempered speculation the Federal Reserve is set to rein in stimulus that has boosted demand for emerging-market assets. Government bonds climbed.
Payrolls in the world’s largest economy rose by 162,000 in July, the least in four months, and below the 185,000 increase forecast by economists. The Fed, which last week pledged to keep buying $85 billion of bonds every month, said July 17 it may even increase the quantitative easing if the economy doesn’t perform to its expectations. Services industries in China, Malaysia’s second-biggest market, showed the first pick-up in growth since March, according to an Aug. 3 report.
“The payroll numbers were lower than expected and that has pushed back expectations a bit that the Fed will start QE tapering in September,” said Choong Yin Pheng, a senior manager for fixed income and economic research at HONG LEONG BANK BHD []. in Kuala Lumpur. “For this week, the ringgit will trade in the range of 3.22-3.28.”
The currency strengthened 0.5 percent, the most since July 9, to 3.2423 per dollar as of 12:09 p.m. in Kuala Lumpur, according to data compiled by Bloomberg. It touched 3.2590 on Aug. 2, the weakest level since July 2010. One-month implied volatility, a measure of expected moves in exchange rates used to price options, fell 25 basis points to 8.48 percent.
China’s non-manufacturing Purchasing Managers’ Index rose to 54.1 in July from 53.9 in June, the National Bureau of Statistics and China Federation of Logistics and Purchasing said. A report compiled by Markit released today showed China’s services activity was unchanged in July. Malaysian exports fell 6.9 percent in June, the fifth straight month of declines, according to official figures released today.
The yield on the 3.26 percent sovereign notes due March 2018 retreated three basis points, or 0.03 percentage point, to 3.69 percent, according to data compiled by Bloomberg.
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