Market Update - 21 March 2013

• Wall Street recovered after a 3-day losing streak with DOW +0.39%, S&P +0.67% and Nasdaq +0.78% after Bernanke announced that the Fed will continue to hold its aggressive efforts to stimulate the economy.

• Cyprus banks are expected to close until the end of the week. The Cypriot Parliament rejected the bank deposit levy and Cyprus is in the midst of seeking rescue from Russia, although no deal has reached at the first meeting.

• New Zealand economy grew at the fastest pace in three years last quarter, led by retailing and the rebuilding of earthquake-damaged Christchurch city, sending the NZD higher. GDP rose 1.50% (exp 0.90%) in the last quarter of 2012.

• USD/JPY rallied, Nikkei news reporting that the Bank of Japan may be calling for “bold easing”

• Asian stocks advanced as the Fed said it will continue stimulating the US economy and amid reports Japan’s new central bank governor may announce a more aggressive policy stance

• USD/MYR opened lower this morning, today’s trading range expected between 3.1100 – 3.1250