- Little happening as we head towards year end and it’s X’mas tomorrow. Most people are away and market is expecting very thin volumes for today and the rest of the week as we countdown towards 2013.
- US Data came out better than expected but the risk rally could not sustain as Republican’s John Boehner is losing support from his own people and the path to resolve US Fiscal Cliff now becomes even more uncertain to investors.
- Treasury 10-year rallied again on the no outcome of the discussion in White House on the fiscal cliff, and market is left wondering what is Plan B now that’s on the table? The 10-year eased to 1.75% from 1.80%, with immediate support level at 1.90%.
- Oil fell more than 1% on Friday as fears of no resolve for the Fiscal Cliff by 31st December looms, oil traders taking profit on the earlier gains and liquidity shrinks towards year end.
- USDMYR opened higher at 3.0760 as investors fly to the safety of the US Dollars, but USDMYR still trading in the 3.0300-3.0800 range. I believe the short USDMYR holders have mostly covered all their positions and headlines will dominate what levels we will end with for USDMYR.
Wishing everyone a very Merry X’mas, have a great one tomorrow!
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