Market
Roundup
- The US Dollar was steady on Thursday in Asia ahead of the Thanksgivings break with focus currently on next week’s ECB meeting. The European Central Bank is expected to at least maintain its ultra-dovish stance whilst it has also signaled willingness to expand on its assets purchases program. EUR/USD is currently at 1.0605.
- Malaysian sovereign bonds were dealt weaker with the Ringgit seen around 4.2215 late Thursday and some pressure seen on swap rates. The 3-year MGS ended 2bps higher at 3.40% whilst the central bank held auction for the 3-year GII Thursday. The auctioned ended on decent note with the bid-to-cover ratio at 1.86 times for the relatively large RM3.5 billion size. Average yield was 3.58% or at higher end of WI trading the day before. There was a lack of local demand in the auction, we were told. We expect sideways movement Friday amid a lack of fresh drivers.
- Thai government bonds ended firm with selected papers around 10-year tenors heard declining 5bps. Interest was aided by offshore players who were net buyers of Bt3.4 billion of Baht bonds Thursday. However, Baht was weaker around 35.762 late Thursday.
· The
Indonesian sovereign bond market was relatively quiet with mild interest seen.
Bids were seen along short dated 2-year papers as well as longer papers with
10-15 year maturities. Meanwhile, the government managed to sell IDR658 billion
of 9-month bills, which aided bond market sentiment.
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