Wednesday, July 29, 2015

Daily FX Update, 29 July 2015

·         US – The Conference Board consumer confidence index recorded a sharp fall to 90.9 in July. Though disappointing, strength in labour market conditions and the gradual improvement in the housing market suggest that consumer confidence is unlikely to weaken markedly from here.
·         US – Case-Shiller house prices disappointed market expectations, declining 0.2% in May, taking the annual pace of growth to 4.9%. However, the overall US housing market has continued to improve, underpinned by a favourable macroeconomic backdrop.
·         US – The Richmond Fed manufacturing survey recorded a solid rise to a +13 in July from +7 in June. Activity in the manufacturing sector appears to be stabilising following weakness earlier in the year due to the drop in oil prices and sharp appreciation in the USD.
·         UK – Q2 GDP printed in line with market expectations, rising +0.7% q/q and +2.6% y/y. 
·         Currency – The AUD short position squeeze continued yesterday, as markets took advantage of a stabilisation in commodities and Chinese equities to continue to reduce positions. Weaker US data added to this dynamic.
·         Equity – US and European equities struck a more positive tone, partially offsetting recent falls. Major US bourses were up between 1.0% and 1.2%.
·         Rate – Treasuries initially sold off, but moves were later pared on the back of weaker US housing and consumer confidence data.
·         Energy – Crude oil prices were mixed, with WTI outperforming Brent. The rebound in WTI prices was sentiment driven, stemmed from a rally in US and European stock markets.
Precious Metal – Gold traded lower by 0.20% below $US1100 per ounce, weighed down by a stronger dollar and worries of a hawkish Federal Reserve.


INDICATIVE MAJOR CURRENCIES

Last Close
 8.05 am Snapshot
       Bid                   Offer
Expected Ranges for Today
        Low                       High
USD/MYR
3.8150
3.7910
3.8240
3.7890
3.8340
JPY/MYR (100)
3.0868
3.0620
3.0960
3.0600
3.1200
SGD/MYR
2.7975
2.7760
2.8090
2.7700
2.8300
EUR/MYR
4.2148
4.1960
4.2300
4.1700
4.2600
AUD/MYR
2.7953
2.7800
2.8130
2.7700
2.8400
GBP/MYR
5.9510
5.9250
5.9610
5.9000
6.0200
USD/JPY
123.59
123.41
123.82
123.01
124.01
EUR/USD
1.1048
1.0910
1.1220
1.1010
1.1120
AUD/USD
0.7327
0.7190
0.7500
0.7300
0.7400
 

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