It’s been almost a week since our impressive indelible ink election but the news seems to be getting more interesting and frequent. Last night, for those who saw the pictures it seems there is easily over 100,000 Malaysians who gathered for the protest at Kelana Jaya Stadium.
So let’s start with USDMYR, today it opened lower, not so much that Malaysia despite it’s protest and drama is attracting money, overnight globally was a risk on mode and weak Dollar story. Support still at 2.9500 and upside right now capped at 3.0000, meaning trading range at 2.9500-3.0000.
Of course, yesterday’s rate cut from RBA might not be the only rate cut for the year, if data continues to deteriorate we could see another rate cut from RBA. We are expecting the Australia employment data and I reckon RBA already knew it is a weak data and cut ahead of it, any upside surprise on the data will see AUDUSD pop back up above 1.0220. AUDMYR today at 3.0200, how can you resist buying? Well I am because I reckon there’s a little more downside.
US Data shows promising green shoots still. U.S. mortgage applications jump as rates fall. Applications for home mortgages rose last week, fueled by demand for refinancing as interest rates fell to the lowest level of the year, data from an industry group showed.
The S&P 500 closed at an all-time high for a fifth day on Wednesday in a broad rally that keeps surprising investors with its longevity and resilience.The Dow also ended at a record high for a second straight day, pushing further above 15,000.
The Dow Jones industrial average DJI gained 48.92 points/0.32 percent, to end at a record high of 15,105.12 - its second consecutive close above 15,000. The Standard & Poor's 500 Index rose 6.73 points/0.41 percent, to finish at a record high of 1,632.69. The Nasdaq Composite Index advanced 16.64 points/0.49 percent, to close at 3,413.27.
China opens new front in war as yuan speculation distorts export data. China's central bank signalled it was prepared to change its monetary strategy to fend off inflows of speculative capital, as Beijing struggles to control a tide of cash washing in from overseas markets. Yuan should still be on the appreciating trend but those expecting it to appreciate on the same pace as 5 years ago might need a check, same goes for China’s GDP.
Of course we also have the Chinese CPI and PPI numbers coming out, hard to call but I would think its flat to slightly on the downside for Chinese data today.
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