Thursday, July 30, 2015

Daily FX Update, 30 July 2015

·         US – The Federal Reserve remains on track for hiking this year, saying the economy has improved, but “some further improvement” in the labour market is still required.  The Committee expects inflation to rise gradually toward 2% over the medium term as the labor market improves further and the transitory effects of earlier declines in energy and import prices dissipate.
·         US – Pending home sales fell 1.8% m/m in June taking the annual pace of growth to 11.1%. The upward trend in pending home sales remains intact, with the decline in June following five consecutive monthly gains. 
·         UK – June mortgage approvals data provided further evidence of a gradual pick-up in housing transactions activity. Net mortgage lending amounted to GBP2.6 billion, its highest level since July 2008.
·         Currency – It was a night of consolidation for currencies, with GBP failing to capitalise on strong consumer credit numbers, before the FOMC comments saw the USD strengthen modestly.
·         Equity – US and European equities advanced for the second consecutive session, amid stronger earnings results and M&A activity and against a backdrop of a recovery in Chinese equity markets.
·         Rate – Treasuries sold off prior to the FOMC. Yields dropped a little after the statement but then bounced back to be little changed vs pre-FOMC, with only small moves on the day. 10-year treasury yields were up 3.4 basis points.
·         Energy – Crude oil prices rose with WTI outperforming Brent. US crude stockpiles fell by 4.2 million barrel against market expectation of a 0.85 million barrel gain.
Precious Metal – Gold prices were broadly unchanged in a lacklustre session of trading. Gold traded marginally higher by 0.02% below $US1100 per ounce.


INDICATIVE MAJOR CURRENCIES

Last Close
 8.05 am Snapshot
       Bid                   Offer
Expected Ranges for Today
        Low                       High
USD/MYR
3.8103
3.7980
3.8300
3.7960
3.8410
JPY/MYR (100)
3.0775
3.0600
3.0920
3.0500
3.1100
SGD/MYR
2.7908
2.7660
2.7990
2.7600
2.8200
EUR/MYR
4.2047
4.1680
4.2020
4.1500
4.2400
AUD/MYR
2.7861
2.7670
2.8000
2.7500
2.8200
GBP/MYR
5.9525
5.9310
5.9650
5.9000
6.0200
USD/JPY
123.81
123.78
124.19
123.38
124.38
EUR/USD
1.1035
1.0820
1.1130
1.0920
1.1030
AUD/USD
0.7312
0.7140
0.7450
0.7250
0.7350
 

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