Market Update - 24 Sept 2012

• Market was relatively flat last night on Friday night closing with lack of data from this week, I expect market to be driven mostly by Equity markets as well as headlines from central banks and politicians.

• USDMYR went down to 3.0500 last Friday before opening higher again today at 3.0700 as the short USDMYR positions continue to gradually unwind and 3.0500-3.1000 still in tact for the week

• Dow was down 0.13% at 13,579.47 and the S&P is down 0.01% at 1,460.15, rest of the markets are mostly flat to slightly in the red as we expect Asia to continue the quiet tone and low trading volumes today.

• Treasuries gained for a second day, recouping almost half the losses posted since Federal Reserve policy makers announced more debt purchases last week, on bets the U.S. economy will struggle to expand even with stimulus.
  
• Reality of weak growth and a lot of hurdles await the global economy comes back to haunt the market as structurally, things are still fragile and deleveraging I think is still going to be an ongoing process for another 12-24 months.

• Expect range trade to be dominant this week with a slightly bearish tone coupled with lack of data and low conviction levels are likely combination of a sit and wait strategy market for the week.