Market
Roundup
- USD received sustained bid as sentiment was aided by stronger-than-expected US 4Q2015 GDP data, which came at +1.4%, against +1.0% consensus estimates. The DXY index edged higher from 96.14 to 96.27, and was seen at 96.32 this morning.
- Ringgit govvies closed firm but amid muted flows, due to Good Friday holidays in several countries. Trading activities were slanted towards the front end of the curve, led by GII May’18 and MGS Mar’19. We think the bond market has turned slightly cautious while awaiting further catalyst. We will keenly watch MYR and crude oil price movements in the short term horizon whilst also watching UST directions post Mar NFP data release. On the other hand, Malaysia’s headline inflation rose to 4.2% in Feb, compared to 3.5% recorded earlier, led by 22.6% increase in alcohol, beverage and tobacco.
- Thai government bond yields edged higher across the curve amid thin selling pressure, tracking overnight UST movement. Elsewhere, Feb trade surplus surged from $238 million to near $5 billion, guided by an unexpected increase in exports (+10.27% against consensus -8.7%), and steeper decline in imports (-16.82% against consensus -9.9%). Upcoming highlight will be on LB366A auction (Bt10 billion), which is slated for 30 Mar.
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