Market Roundup
- US market closed on Independence Day.
- Ringgit govvies pared gains alongside weaker MYR, as USD/MYR edged higher to close slightly below the crucial resistance of 3.8000 on Friday. Meantime, flows were slanted toward medium dated bonds, such as GII Aug’20, MGS Sep’25 and Sep’22.
- THB denominated sovereign bonds reversed losses on Friday, reacting to the gains in overnight UST. Apart from that, daily transaction declined from Bt15.3 billion to Bt13.0 billion, led by LB21DA and LB196A.
- Indonesia government bond market traded firmer in a relatively quiet day on Friday. Nothing much seen in morning session, however on London opening hours, some buying flows were seen especially on the 7- to 10-year buckets, sending the yields down across the curve. We see market to be rangebound ahead of this week's bond auction with some upside if buying flow persists. On the other hand, volume dropped to IDR6.7 trillion.
- Asian credits were well supported by buying-on-dips interest, recovering from the earlier losses, despite heading toward the Greek referendum scheduled on Jul 5.
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