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AmBankFXDaily

24 January 2017

AmBank FXDaily 24 January 2017 AmBank Research  Investors pile into safe-haven assets as dollar weakens

AmBank Research

  • Investors pile into safe-haven assets as dollar weakens

  • MYR to fluctuate in the range of 4.4400-4.4650 against US dollar

  • Key watch: (i) ECB Praet speech (ii) Japan Mfg PMI Preliminary, and (iii) US Mfg PMI Preliminary

INDICATIVE MAJOR CURRENCIES

 

As at

Mid-price

Expected Range for Today

One-year

24 Jan 2017

as at 8.02am

Low

High

Low

High

USD/JPY

 
  • 112.71 112.93

112.52

 
  • 113.93 121.69

99.02

 

EUR/USD

 
  • 1.0765 1.0756

1.0575

 
  • 1.0936 1.1616

1.0341

 

AUD/USD

 
  • 0.7584 0.7579

0.7398

 
  • 0.7760 0.7835

0.6919

 

USD/CNY

 
  • 6.8537 6.8537

6.8334

 
  • 6.8740 6.9649

6.4528

 

USD/MYR

 
  • 4.4400 4.4338

4.4140

 
  • 4.4535 4.5002

3.8442

 

JPY/MYR

 
  • 3.9393 3.9265

3.9068

 
  • 3.9462 4.1877

3.4064

 

EUR/MYR

 
  • 4.7616 4.7687

4.7487

 
  • 4.7887 4.7915

4.3625

 

AUD/MYR

 
  • 3.3520 3.3606

3.3410

 
  • 3.3802 3.3771

2.8912

 

GBP/MYR

 
  • 5.5163 5.5475

5.5267

 
  • 5.5682 6.1574

5.0400

 

SGD/MYR

 
  • 3.1260 3.1265

3.1069

 
  • 3.1460 3.1474

2.8497

 

Source: Bloomberg/AmBank Group

TODAY’S EVENTS

 

Key Highlights:-

 

C

Events

Prd

Surv

Global DXY Index extended drop to 100.16 on Monday from the previous

EU

ECB Praet speech

 

100.74 as US Treasury Secretary Mnuchin said an “excessively strong dollar”

could have a negative short-term effect on the economy. The dollar touched a

       

JP

Mfg PMI

Jan P

-

new low of 99.991 after his remarks. USDJPYR settled at 112.71 from the

US

Mfg PMI

Jan P

54.5

previous 114.62 as US Treasury yields extend drop. UST 10-year dropped -2.8%

Source: Bloomberg/AmBank Group

 

to 2.3971 while UST 5-year dropped -3.8% to 1.8634. GBPUSD climbed to 5-

 

week high to 1.2535 on Monday as investors pile into safe-haven assets as unease over Trump weakens dollar. Gold rallied to a 2-month high, up by

approximately +1.2% to $1,219.81 as traders attempted to digest Trump’s

protectionist tone struck during his inauguration speech. Crude oil traded at $52.96 whereas Brent oil dipped -0.3% to $55.32 per barrel.

 

Malaysia USDMYR ended higher in tandem with Asian currencies as investors look for concrete details of the US President’s fiscal policies. The ringgit was up

Major currencies against MYR

Major currencies against MYR

0.16% to the US dollar at 4.4400 from the previous close of 4.4470. The 5-year MGS yield dropped by -1.84% to 3.62 while the 10-year MGS yield dropped by - 1.68% to 4.14. Besides that, the 5-year CDS declined marginally by -0.12% to 130.51. Crude palm oil for third-month delivery fell RM5 to RM3,096 per tonne.

Key

Watch

(i)

ECB

Chief

Economist,

Peter

Praet

speech

(ii)

Japan

Manufacturing PMI for January preliminary (prior: 52.4) and,

(iii)

US

Manufacturing PMI for January preliminary is projected at 54.5 (prior: 54.3).

Technical Outlook RSI reading which continued to stay high within the overbought zone suggests the support level will be at 4.4400 while the narrowing positive gap in MACD sets the resistance level at 4.4650.

Focus of the day :

 

Note: (-) denotes

stronger

RM

against

Singapore Inflation on an upward trend

 

respective currencies.

 

For further details, please read our Economic report issued 24 January 2017.

 

Source: Bloomberg/AmBank Group

1

Kindly refer to the last page of this publication for important disclosures

24 January 2017 AmBank Research AmBank Group, Global Markets Corporate Client Group (CCG) <a href=hor-li-ching@ambankgroup.com Institutional Client Group (ICG) Azli Bin Abdul Jamil Jacqueline E. Rodrigues Ho Su Farn Lewis Albert Singh Hans Melisa Lim Giok Ling +603-2059 8690 azli-abd-jamil@ambankgroup.com jacqueline-r@ambankgroup.com ho-su-farn@ambankgroup.com lewis-albert@ambankgroup.com melisa-lim@ambankgroup.com AmBank Research Anthony Dass Chief Economist/Head anthony-dass@ambankgroup.com Nur Saffiah Abdul Rahman saffiah-rahman@ambankgroup.com FX Analyst Ummi Kalsom Yaacub ummi-kalsom-yaacub@ambankgroup.com Research Assistant 2 Kindly refer to the last page of this publication for important disclosures 77 " id="pdf-obj-1-2" src="pdf-obj-1-2.jpg">

24 January 2017

 

AmBank Research

AmBank Group, Global Markets

 

Corporate Client Group (CCG)

+603-2059 8700/8600 hor-li-ching@ambankgroup.com

Institutional Client Group (ICG)

Azli Bin Abdul Jamil Jacqueline E. Rodrigues Ho Su Farn Lewis Albert Singh Hans Melisa Lim Giok Ling

+603-2059 8690

azli-abd-jamil@ambankgroup.com

jacqueline-r@ambankgroup.com

ho-su-farn@ambankgroup.com

lewis-albert@ambankgroup.com

melisa-lim@ambankgroup.com

AmBank Research

Anthony Dass

Chief Economist/Head

anthony-dass@ambankgroup.com

Nur Saffiah Abdul Rahman

saffiah-rahman@ambankgroup.com

FX Analyst

Ummi Kalsom Yaacub

ummi-kalsom-yaacub@ambankgroup.com

Research Assistant

2

Kindly refer to the last page of this publication for important disclosures

77

24 January 2017 AmBank Research DISCLOSURES AND DISCLAIMER This document is strictly confidential and is issued

24 January 2017

 

AmBank Research

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