Market Update - 4 June 2013

• Wall Street ended higher with the Dow +0.92%, S&P +0.59% and Nasdaq +0.27%, as some positivity from the higher-than-expected EZ manufacturing PMI overshadowed the weak US ISM numbers, also underscoring speculation that the poor US manufacturing numbers may mean an extended bond-buying efforts by the Fed.

• The US dollar is back below 100 yen after falling past the level for the first time in a month yesterday after investors weighed whether the US recovery is robust enough for the Federal Reserve to scale back stimulus

• Draghi said that ECB’s loose monetary policy and stronger external demand led Eurozone back onto its path for a gradual recovery.

• Asian stocks swung between gains and losses on optimism Federal Reserve officials are committed to record US stimulus measures while data showed US manufacturing unexpected contracted

• Crude oil, gold and copper all higher in yesterday’s trading.

• The Aussie dollar weakened against all 16 major peers before the Reserve Bank announces a policy decision today

• The USD/MYR may ease intra-day following the correction seen overnight in the broad USD tone. Short-term support expected at 3.0700, today’s expected range 3.0650 - 3.1000