NST Online Business Times : latest
NST Online Business Times : latest |
| Posted: 13 Feb 2014 06:52 PM PST The ringgit opened higher against the US dollar on mild demand from investors and renewed weaknesses on the greenback, a
At 9am, the local unit strengthened against the US dollar to 3.3190/3220 from 3.3210/3240 yesterday. The dealer said the US dollar dropped last night against other major currencies due to an unexpected slip in the US retail sales amid concerns that the US economic growth could be slowing down. However, the ringgit opened lower against other major currencies, except the yen. The local currency weakened against the Singapore dollar to 2.6225/6267 from 2.6203/6231 yesterday but rose against the yen to 3.2469/2514 from 3.2527/2572 Thursday. The local unit was traded slightly lower against the British pound to 5.5261/5325 from 5.5258/4321 yesterday and depreciated against the euro to 4.5394/5448 from 4.5255/5303 Thursday.-- Bernama |
| Ringgit forwards set for weekly gain Posted: 13 Feb 2014 07:09 PM PST Malaysia's ringgit forwards headed for a third straight weekly advance, the longest run of gains since September, as US data fueled speculation policy makers will slow the pace of stimulus cuts. Sales at US retailers fell in January by the most since June 2012 and more Americans than forecast filed for jobless benefits last week, reports showed yesterday. Figures released February 7 indicated payrolls rose less than projected last month. Malaysia reported the smallest fiscal deficit in six years in 2013 and the widest current-account surplus in four quarters. "The numbers out of the US have been pretty worrying," said Choong Yin Pheng, senior manager for bond and economic research at Hong Leong Bank Bhd in Kuala Lumpur. "Malaysia's current-account surplus is definitely a positive." One-month non-deliverable forwards strengthened 0.4 per cent this week and 0.1 per cent today to 3.3242 per dollar as of 9.59am in Kuala Lumpur, according to data compiled by Bloomberg. The contracts traded 0.2 per cent weaker than the spot rate, which gained 0.3 per cent since February 7 and 0.1 per cent today to 3.3185.
Citigroup Inc is bearish on the ringgit as domestic investors continue to diversify away from local-currency assets and funds move from fixed-income instruments globally, analysts including Singapore-based Siddharth Mathur wrote in a research note yesterday. Malaysia's budget shortfall narrowed to 3.9 per cent of gross domestic product last year from 4.5 per cent in 2012, according to the central bank's quarterly bulletin this week. The excess in the broadest measure of trade widened to RM16.2 billion (US$4.9 billion) in the last three months of 2013 from RM9.8 billion in the previous period. Sales at US retailers declined 0.4 per cent in January following a revised 0.1 per cent drop in December that was previously reported as an increase, official data showed yesterday. Federal Reserve Chair Janet Yellen pledged to keep scaling back stimulus in measured steps in her first report to Congress on February 11. The yield on the Malaysian government's 4.181 per cent notes maturing in July 2024 dropped three basis points this week and two basis points today to 4.14 per cent, data compiled by Bloomberg show.- Bloomberg |
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