The Ringgit Is Easily Asia's Strongest Currency
By Y-Sing Liau and En Han Choong
June 29, 2017, 6:00 AM GMT+8
Samsung Asset buys banks, construction stocks before election
Benchmark index soared to a two-year high as earnings improved
Malaysian assets are back in favor as investors focus on encouraging signs of an economic turnaround instead of a scandal that has touched the top of government and as far as Hollywood.

The Ringgit Is Easily Asia's Strongest Currency
By Y-Sing Liau and En Han Choong
June 29, 2017, 6:00 AM GMT+8
Samsung Asset buys banks, construction stocks before election
Benchmark index soared to a two-year high as earnings improved

NEWS | Jun 27, 19:30 GMT
US Dollar Index drops sharply, eyes lowest close since October
By Matías Salord
The USD continued to slide during the American session, despite the rise in US bond yields. The rally in EUR/USD led the decline of the greenback in the market, that during the last hours it even trimmed gains versus the yen and emerging market currencies.

The DXY dropped to 96.00, reaching the lowest intraday level in a week and is headed toward the lowest daily close since October.

Not even Federal Reserve official’s comments, about another rate hike and temporary weakness in inflation, stopped the slide in the value of the greenback. It accelerated the decline after falling below the relevant short-term support seen around 96.50 and resumed the long-term bearish move, that started in January from multi-year highs.

NEWS | Jun 27, 19:30 GMT
US Dollar Index drops sharply, eyes lowest close since October
By Matías Salord
The USD continued to slide during the American session, despite the rise in US bond yields. The rally in EUR/USD led the decline of the greenback in the market, that during the last hours it even trimmed gains versus the yen and emerging market currencies.

The DXY dropped to 96.00, reaching the lowest intraday level in a week and is headed toward the lowest daily close since October.

Not even Federal Reserve official’s comments, about another rate hike and temporary weakness in inflation, stopped the slide in the value of the greenback. It accelerated the decline after falling below the relevant short-term support seen around 96.50 and resumed the long-term bearish move, that started in January from multi-year highs.

US dollar dives, stocks tumble on Draghi comments, US healthcare vote delay
US dollars being counted at a bank.
US dollars being counted at a bank.PHOTO: REUTERS
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NEW YORK (REUTERS, BLOOMBERG) - The US dollar slid to 10-month lows against the euro on Tuesday (June 27) after the head of the European Central Bank opened the door to steps that might begin to reduce the central bank's stimulus and after a vote on healthcare legislation was delayed in the United States.

Speaking to a conference in Portugal, ECB President Mario Draghi said the ECB could adjust its policy tools of sub-zero interest rates and massive bond purchases as economic prospects improve in Europe. The euro rose about 1.5 per cent, its biggest daily percentage gain against the dollar in more than a year.

But any change in the bank's stance should be gradual, as"considerable" monetary support is still needed and the rebound in inflation will also depend on favorable global financing conditions, he added.

US dollar dives, stocks tumble on Draghi comments, US healthcare vote delay
US dollars being counted at a bank.
US dollars being counted at a bank.PHOTO: REUTERS
PUBLISHED3 HOURS AGOUPDATED3 HOURS AGO
FACEBOOK0TWITTERWHATSAPPEMAIL
NEW YORK (REUTERS, BLOOMBERG) - The US dollar slid to 10-month lows against the euro on Tuesday (June 27) after the head of the European Central Bank opened the door to steps that might begin to reduce the central bank's stimulus and after a vote on healthcare legislation was delayed in the United States.

Speaking to a conference in Portugal, ECB President Mario Draghi said the ECB could adjust its policy tools of sub-zero interest rates and massive bond purchases as economic prospects improve in Europe. The euro rose about 1.5 per cent, its biggest daily percentage gain against the dollar in more than a year.

But any change in the bank's stance should be gradual, as"considerable" monetary support is still needed and the rebound in inflation will also depend on favorable global financing conditions, he added.

US Dollar, equities slide after Fed’s Yellen calls stock valuations rich.
She gave no clear indication that plans for tightening monetary policy have shifted.
Gradual hike pace and stimulus wind down well anticipated in markets, according to Yellen.

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MONEY & MARKETS
The US dollar is falling out of favour with traders even with the Fed continuing to hike rates

DAVID SCUTT
JUN 26, 2017, 9:25 AM


Photo: Scott Halleran/Getty Images
The US dollar is falling out of favour with currency traders, even with the US Federal Reserve continuing to lift interest rates.

According to data released by the US Commodity Futures Trading Commission on Friday, net long speculative positioning in the greenback fell for a fifth consecutive week in late June, leaving it sitting at the lowest levels since September last year.

“Dollar selling was mostly broad-based except against the EUR,” said Khoon Goh and Rini Sen, strategists at ANZ Bank.

Goh and Sen said net long USD positions were reduced by $US2.5 billion to $US6.7 billion, while net long positioning in the ICE US Dollar Index fell by $US2.2 billion to $US5.5 billion, leaving it sitting at a three-year low.

The US dollar index has lost 6.3% from the multi-year high of 103.82 struck on January 3, undermined by doubts over the ability of the Trump administration to deliver wide-ranging tax reforms.

As seen in the chart below, those doubts, leading to sharply lower US treasury yields, has seen long US dollar positioning among speculators fall sharply.

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Business Insider

MONEY & MARKETS
The US dollar is falling out of favour with traders even with the Fed continuing to hike rates

DAVID SCUTT
JUN 26, 2017, 9:25 AM


Photo: Scott Halleran/Getty Images
The US dollar is falling out of favour with currency traders, even with the US Federal Reserve continuing to lift interest rates.

According to data released by the US Commodity Futures Trading Commission on Friday, net long speculative positioning in the greenback fell for a fifth consecutive week in late June, leaving it sitting at the lowest levels since September last year.

“Dollar selling was mostly broad-based except against the EUR,” said Khoon Goh and Rini Sen, strategists at ANZ Bank.

Goh and Sen said net long USD positions were reduced by $US2.5 billion to $US6.7 billion, while net long positioning in the ICE US Dollar Index fell by $US2.2 billion to $US5.5 billion, leaving it sitting at a three-year low.

The US dollar index has lost 6.3% from the multi-year high of 103.82 struck on January 3, undermined by doubts over the ability of the Trump administration to deliver wide-ranging tax reforms.

As seen in the chart below, those doubts, leading to sharply lower US treasury yields, has seen long US dollar positioning among speculators fall sharply.

[TOKYO] The US dollar sagged against its major peers on Monday, losing traction as US Treasury yields stayed low amid fading expectations that the Federal Reserve to hike interest rates again later this year.

The US dollar index against a basket of six major currencies was a fraction lower at 97.239, adding to Friday's losses when it fell 0.4 per cent.

The index had climbed to a one-month peak of 97.871 earlier last week, supported by expectations that the Fed, fresh from a mid-June rate hike, would tighten policy again as early as September.

[TOKYO] The US dollar sagged against its major peers on Monday, losing traction as US Treasury yields stayed low amid fading expectations that the Federal Reserve to hike interest rates again later this year.

The US dollar index against a basket of six major currencies was a fraction lower at 97.239, adding to Friday's losses when it fell 0.4 per cent.

The index had climbed to a one-month peak of 97.871 earlier last week, supported by expectations that the Fed, fresh from a mid-June rate hike, would tighten policy again as early as September.

(File pix) Ringgit appreciated against the Singapore dollar to 3.0838/0878 from Wednesday’s close of 3.0843/0869 and strengthened against the yen to 3.8532/8582 from 3.8574/8608 yesterday. Reuters Photo
By Bernama - June 22, 2017 @ 10:18am
KUALA LUMPUR: The ringgit opened higher against the US dollar today on mild buying, dealers said.

At 9 am, the local unit stood at 4.2840/2880 against the greenback from 4.2860/2890 on Wednesday.

A dealer said the market sentiment was lifted by better economic data from the Department of Statistics which showed that inflation in May rose 3.3 per cent year-on-year as compared to 4.4 per cent in April.

The ringgit, however, was traded mixed against a basket of major currencies.

It appreciated against the Singapore dollar to 3.0838/0878 from Wednesday’s close of 3.0843/0869 and strengthened against the yen to 3.8532/8582 from 3.8574/8608 yesterday.

The local unit eased against the British pound to 5.4283/4342 from 5.4085/4131 yesterday and edged down against the euro to 4.7818/7871 from 4.7759/7809 on Wednesday. -- Bernama

(File pix) Ringgit appreciated against the Singapore dollar to 3.0838/0878 from Wednesday’s close of 3.0843/0869 and strengthened against the yen to 3.8532/8582 from 3.8574/8608 yesterday. Reuters Photo
By Bernama - June 22, 2017 @ 10:18am
KUALA LUMPUR: The ringgit opened higher against the US dollar today on mild buying, dealers said.

At 9 am, the local unit stood at 4.2840/2880 against the greenback from 4.2860/2890 on Wednesday.

A dealer said the market sentiment was lifted by better economic data from the Department of Statistics which showed that inflation in May rose 3.3 per cent year-on-year as compared to 4.4 per cent in April.

The ringgit, however, was traded mixed against a basket of major currencies.

It appreciated against the Singapore dollar to 3.0838/0878 from Wednesday’s close of 3.0843/0869 and strengthened against the yen to 3.8532/8582 from 3.8574/8608 yesterday.

The local unit eased against the British pound to 5.4283/4342 from 5.4085/4131 yesterday and edged down against the euro to 4.7818/7871 from 4.7759/7809 on Wednesday. -- Bernama

(File pix) Ringgit appreciated against the Singapore dollar to 3.0838/0878 from Wednesday’s close of 3.0843/0869 and strengthened against the yen to 3.8532/8582 from 3.8574/8608 yesterday. Reuters Photo
By Bernama - June 22, 2017 @ 10:18am
KUALA LUMPUR: The ringgit opened higher against the US dollar today on mild buying, dealers said.

At 9 am, the local unit stood at 4.2840/2880 against the greenback from 4.2860/2890 on Wednesday.

A dealer said the market sentiment was lifted by better economic data from the Department of Statistics which showed that inflation in May rose 3.3 per cent year-on-year as compared to 4.4 per cent in April.

The ringgit, however, was traded mixed against a basket of major currencies.

It appreciated against the Singapore dollar to 3.0838/0878 from Wednesday’s close of 3.0843/0869 and strengthened against the yen to 3.8532/8582 from 3.8574/8608 yesterday.

The local unit eased against the British pound to 5.4283/4342 from 5.4085/4131 yesterday and edged down against the euro to 4.7818/7871 from 4.7759/7809 on Wednesday. -- Bernama

The US Dollar continued to slide against the Japanese Yen Thursday despite a lack of obvious catalysts and, indeed, a rather “dovish” speech form the Bank of Japan’s Deputy Governor Kikuo Iwata.

There was nothing new in his comments to business leaders. He reminded them, as if they needed it, that the inflation outlook remains skewed to the downside and that, in his view, the BoJ must carry on with its “powerful” monetary easing. He noted that inflation remains low despite record corporate profits and a domestic labor market near full employment.

Consumer prices were rising at an annual 0.4% in Japan at last official look, clearly way below the 2% target, which hasn’t been neared since 2015.

Still, at the very least this sort of commentary underlines the fact that the central bank is nowhere near considering any exit from its extraordinary levels of monetary accommodation. It has been under pressure to explain how it would unwind some of its stimulus as the bonds bought in the name of that program have seen the BoJ’s balance sheet surpass the Gross Domestic Product of Japan.

Nevertheless USD/JPY faded further as the Asian session went along. The greenback made three-week highs on Tuesday but has retreated gradually since

.

The US Dollar continued to slide against the Japanese Yen Thursday despite a lack of obvious catalysts and, indeed, a rather “dovish” speech form the Bank of Japan’s Deputy Governor Kikuo Iwata.

There was nothing new in his comments to business leaders. He reminded them, as if they needed it, that the inflation outlook remains skewed to the downside and that, in his view, the BoJ must carry on with its “powerful” monetary easing. He noted that inflation remains low despite record corporate profits and a domestic labor market near full employment.

Consumer prices were rising at an annual 0.4% in Japan at last official look, clearly way below the 2% target, which hasn’t been neared since 2015.

Still, at the very least this sort of commentary underlines the fact that the central bank is nowhere near considering any exit from its extraordinary levels of monetary accommodation. It has been under pressure to explain how it would unwind some of its stimulus as the bonds bought in the name of that program have seen the BoJ’s balance sheet surpass the Gross Domestic Product of Japan.

Nevertheless USD/JPY faded further as the Asian session went along. The greenback made three-week highs on Tuesday but has retreated gradually since

.

The US Dollar continued to slide against the Japanese Yen Thursday despite a lack of obvious catalysts and, indeed, a rather “dovish” speech form the Bank of Japan’s Deputy Governor Kikuo Iwata.

There was nothing new in his comments to business leaders. He reminded them, as if they needed it, that the inflation outlook remains skewed to the downside and that, in his view, the BoJ must carry on with its “powerful” monetary easing. He noted that inflation remains low despite record corporate profits and a domestic labor market near full employment.

Consumer prices were rising at an annual 0.4% in Japan at last official look, clearly way below the 2% target, which hasn’t been neared since 2015.

Still, at the very least this sort of commentary underlines the fact that the central bank is nowhere near considering any exit from its extraordinary levels of monetary accommodation. It has been under pressure to explain how it would unwind some of its stimulus as the bonds bought in the name of that program have seen the BoJ’s balance sheet surpass the Gross Domestic Product of Japan.

Nevertheless USD/JPY faded further as the Asian session went along. The greenback made three-week highs on Tuesday but has retreated gradually since

.

The US Dollar continued to slide against the Japanese Yen Thursday despite a lack of obvious catalysts and, indeed, a rather “dovish” speech form the Bank of Japan’s Deputy Governor Kikuo Iwata.

There was nothing new in his comments to business leaders. He reminded them, as if they needed it, that the inflation outlook remains skewed to the downside and that, in his view, the BoJ must carry on with its “powerful” monetary easing. He noted that inflation remains low despite record corporate profits and a domestic labor market near full employment.

Consumer prices were rising at an annual 0.4% in Japan at last official look, clearly way below the 2% target, which hasn’t been neared since 2015.

Still, at the very least this sort of commentary underlines the fact that the central bank is nowhere near considering any exit from its extraordinary levels of monetary accommodation. It has been under pressure to explain how it would unwind some of its stimulus as the bonds bought in the name of that program have seen the BoJ’s balance sheet surpass the Gross Domestic Product of Japan.

Nevertheless USD/JPY faded further as the Asian session went along. The greenback made three-week highs on Tuesday but has retreated gradually since

.

Chinese yuan strengthens to 6.7852 against USD Thursday
Source: Xinhua| 2017-06-15 09:47:51|Editor: Mengjie

BEIJING, June 15 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 87 basis points to 6.7852 against the U.S. dollar Thursday, according to the China Foreign Exchange Trade System.
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Chinese yuan strengthens to 6.7852 against USD Thursday
Source: Xinhua| 2017-06-15 09:47:51|Editor: Mengjie

BEIJING, June 15 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 87 basis points to 6.7852 against the U.S. dollar Thursday, according to the China Foreign Exchange Trade System.
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Chinese yuan strengthens to 6.7852 against USD Thursday
Source: Xinhua| 2017-06-15 09:47:51|Editor: Mengjie

BEIJING, June 15 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 87 basis points to 6.7852 against the U.S. dollar Thursday, according to the China Foreign Exchange Trade System.
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

US Dollar Index (DXY) Maintains Bulk of Loss Following Fed Decision
By Tracy Morganthall, CMT -June 14, 2017 - 19:41 UTC
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The US Dollar Index (DXY), which measures the greenback’s strength against a basket of six major currencies, moved sharply lower following the release of CPI and retail sales today at 08:30 ET. And in the wake of the FOMC announcement, DXY has failed to sustain a strong bid and is currently trading at 96.63, a loss of 0.37% from Tuesday’s close.

The Fed raised interest rates 25 bps to 1.00-1.25%, as expected. And the FOMC statement indicated that it expects to implement balance sheet normalization this year, as expected.



DXY experienced volatility at the time of the announcement. However, the bias remains to the downside, with first support at today’s 96.32 low. Initial support could be found at 96.50. However, further downside below this level is expected.

With the Stochastic, a price momentum indicator, still moving lower prior to reaching an overbought level, periods of strength still appear best used as a selling opportunity.

Jasper Lawler, a senior market analyst at London Capital Group, said: "A double dose of soft economic data sent the US dollar plunging and gold rallying before the Federal Reserve rate decision.

"Slowing inflation and flat retail sales add to the growing sense that today's meeting could see the last US rate rise this year."

Across Europe, the French Cac 40 fell into the red to end the day down 0.35%, while the German Dax rose 0.3%.

In oil markets, Brent crude prices tumbled 2.8% to 46.88 US dollars per barrel as Energy Information Administration (EIA) data pointed to larger than expected US gas and crude inventories and forecast that energy supplies from non-Opec members would outstrip demand next year.

Commodity stocks followed crude prices lower to hold the bottom spots on the FTSE 100.

Anglo American fell 28.5p to 1,059p, while Glencore dropped 7.65p to 286.65p, and Rio Tinto slumped 75p to 3,142.5p.

Elsewhere, Mulberry Group shares tumbled 49p to 1,100p despite reporting a 21% rise in annual pre-tax profits to £7.5 million and an 8% rise in revenue.

Experts said investors were disappointed by weak like-for-like sales at the start of the new financial year.

WHSmith shares jumped 47p to 1,791p as the retailer reported an 8% rise in total sales in the 15 weeks to June 10, while Gemfields shares surged 5.25p to 40.75p after Chinese conglomerate Fosun tabled a £220 million takeover offer for the Faberge owner.

Shares in Bellway jumped 170p to 3,020p as the housebuilder reported a 13% rise in reservation rates in the four months to June despite General Election jitters.

Waste management firm Biffa saw shares slump 2.75p to 193.25p after reporting an £18.7 million annual pre-tax loss, weighed down by the cost of its stock market flotation.

TalkTalk climbed 6.9p to 175.4p. The telecoms giant revealed in its annual report on Wednesday that former boss Dido Harding earned £1.1 million in annual pay and bonuses, just weeks after warning over profits.

The biggest risers on the FTSE 100 were Barratt Developments up 18.5p to 594p, Centrica up 5.9p to 202.9p, Direct Line Insurance Group up 10.4p to 364.3p, and Old Mutual up 5.5p to 204.7p.

The biggest fallers on the FTSE 100 were Anglo American down 28.5p to 1,059p, Glencore down 7.65p to 286.65p, Rio Tinto down 75p to 3,142.5p, and BP down 8.55p to 461.6p.

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Home › Business › Business News
Pound reaches highest level against US dollar since General Election
Sterling shot up 0.4% versus the US dollar to reach 1.280 for the first time since June 81
1
Sterling shot up 0.4% versus the US dollar to reach 1.280 for the first time since June 8
June 14 2017

The pound reached its highest level against the US dollar since last week's General Election, as weaker American inflation and retail sales data weighed on the greenback.



Sterling shot up 0.4% versus the US dollar to reach 1.280 for the first time since June 8, but fell 0.16% versus the euro to trade at 1.135.

Sterling's ascent against the greenback weighed on listed multinationals on the FTSE 100, which tend to benefit when foreign currencies are stronger. London's blue chip index fell 0.35% or 26.04 points at 7,474.4.

US data released on Tuesday showed inflation contracting by 0.1% in May, while month-on-month retail sales fell by 0.3%.

Investors were also awaiting an interest rate decision from the US Federal Reserve.

U.S. dollar drops to session low as inflation falls, political uncertainty rises
By Ryan Vlastelica
Published: June 14, 2017 8:58 a.m. ET

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The U.S. dollar turned lower against its major rivals on Wednesday, erasing an earlier gain as data came in below expectations and uncertainty rose following a shooting in Virginia that injured a Congressman. The U.S. dollar index DXY, -0.06% which measures the currency against a half-dozen rivals, fell 0.3% on the day to 96.69. Earlier, it had risen as high as 97.11. In the latest economic data, the consumer price index fell by a seasonally adjusted 0.1% in May. The rate of inflation over the past 12 months slowed to 1.9% in May from a five-year high of 2.7% just four months ago. Separately, May retail sales fell 0.3%, their biggest drop in 16 months. Among major currency trades, the euro EURUSD, +0.0178% was at $1.1261 from $1.1207 late Tuesday, while the dollar traded at ¥109.43 from ¥110.04, a move of 0.6%.

US dollar hit after inflation, retail sales data disappoint

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YESTERDAY by: Adam Samson
The US dollar came under pressure on Wednesday morning after two key economic reports missed Wall Street expectations.

Consumer prices grew at a year-on-year rate of 1.9 per cent in May, the labour department said, down sharply from the 2.2 per cent rate the previous month and missing estimates of 2 per cent. The core gauge, which excludes food and energy prices, was up 1.7 per cent on the same basis, compared with expectations that the rate would hold steady at 1.9 per cent.

Meanwhile, retail sales dropped 0.3 per cent, according to the commerce department, badly missing estimates that it would hold steady. Excluding the volatile autos component, sales were down by the same margin, versus expectations of a 0.1 per cent pick-up .


The data come just hours before the Federal Reserve releases its latest policy decision. Analysts expect the central bank to raise rates for the second time this year.

The euro jumped 0.4 per cent on the dollar after the news, with the pound up 0.2 per cent. The buck was off by 0.4 per cent against the Japanese yen.

Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web.
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US dollar nurses losses as Trump investigation, weak US data overshadow Fed
Thursday, June 15, 2017 - 08:52

US-STOCKS-FOREX-210538.jpgPHOTO: AFP
[TOKYO] The US dollar nursed losses on Thursday as weak US inflation data left investors wondering if the Federal Reserve would follow up its latest rate hike with another later this year.

Deepening political turmoil in Washington also weighed on the greenback, with the Washington Post reporting that US President Donald Trump is being investigated by special counsel Robert Mueller for possible obstruction of justice.

Also on Wednesday, a prominent Republican was among those shot by a gunman said to be angry with Mr Trump.

The US dollar index, which tracks the US currency against a basket of six rivals, was flat on the day at 96.932 but above its overnight low of 96.323 plumbed after downbeat economic figures.

FRANKFURT: The European Central Bank (ECB) said Tuesday it had exchanged part of its US dollar reserves for Chinese yuan for the first time, in a sign of the growing global importance of Beijing’s currency.

The Frankfurt institution “completed an investment equivalent to 500 million euros (RM2.4bil) of the ECB’s foreign reserves in Chinese renminbi (CNY) during the first half of 2017,” it said in a statement.

Justifying its decision, the ECB said that “the use of CNY as a global international currency has increased in recent years,” being declared a freely-usable currency by the IMF in 2015.

”The ECB’s investment also reflects the importance of China as one of the euro area’s largest trading partners,” it added.

Its purchase of the Chinese cash was paid for with “a small portion of its US dollar holdings, which remain the largest portfolio,” it added.

The ECB’s foreign reserves, held in US dollars, Japanese yen, Chinese renminbi, and International Monetary Fund Special Drawing Rights (SDRs), remained at the same overall size.

Figures released last month showed that the ECB’s official reserves stood at over 68 billion euros at the end of April, including 47.7 billion euros in foreign currencies and 18.8 billion euros in gold.

The ECB only publishes figures on its holdings of individual currencies in its annual report at the end of each year.

In December 2016, the central bank held US$46.8bil in US dollars (41.7 billion euros), and 1.1 trillion Japanese yen (8.8 billion euros). - AFP
Read more at http://www.thestar.com.my/business/business-news/2017/06/13/ecb-swaps-some-dollar-reserves-for-yuan-for-first-time/#kuo4ottLX03vizpb.99

In rare feud, Singapore PM Lee under attack by his siblings
The younger siblings of Singaporean Prime Minister Lee Hsien Loong have accused him of abusing power in a public statement.
The PM, currently on leave, has denied the allegations.
Nyshka Chandran | @nyshkac
4 Hours Ago
CNBC.com
73
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A rare feud between Singaporean Prime Minister Lee Hsien Loong and his siblings has publicized the deep divisions weighing on the island-nation's first family.

In an explosive statement on Wednesday, Lee Wei Ling and Lee Hsien Yang — the PM's younger sister and brother, respectively — accused their elder brother of abusing power and exploiting their father's legacy for political gain.

The city-state's first PM and father to all three siblings, Lee Kuan Yew (LKY) passed away in March 2015.

Prime Minister Lee Hsien Loong of Singapore
Getty Images
Prime Minister Lee Hsien Loong of Singapore
"Since the passing of LKY, we have felt threatened by Hsien Loong's misuse of his position and influence over the Singapore government and its agencies to drive his personal agenda," Wei Ling and Hsien Yang said.

Wei Ling has long been a vocal critic of PM Lee — last year, she denounced him for using LKY's one-year death anniversary as a political tool in a series of Facebook posts — but Hsien Yang, chairman of the country's Civil Aviation Authority, has steered clear of public family spats until now.

In their statement, widely carried on social media and local newspaper the Straits Times, the siblings expressed fear that state organs would be used against them. Hsien Yang said he was leaving Singapore, citing the PM as the sole reason for his departure.

"If Hsien Loong is prepared to act thus against us, both contributing members of Singapore's establishment, to advance his personal agenda, we worry for Singapore."

Instead of demolishing LKY's house as the former leader desired, the PM has sought to make the residence his personal home — a move that would enhance his political capital, the siblings continued.

The PM and his wife Ho Ching — CEO of Temasek Holdings, Singapore's $196 billion sovereign wealth fund — also harbored political ambitions for their son Li Hongyi, the statement said.

19% Singapore workers fear losing jobs to automation: Survey

In rare feud, Singapore PM Lee under attack by his siblings
The younger siblings of Singaporean Prime Minister Lee Hsien Loong have accused him of abusing power in a public statement.
The PM, currently on leave, has denied the allegations.
Nyshka Chandran | @nyshkac
4 Hours Ago
CNBC.com
73
SHARES
A rare feud between Singaporean Prime Minister Lee Hsien Loong and his siblings has publicized the deep divisions weighing on the island-nation's first family.

In an explosive statement on Wednesday, Lee Wei Ling and Lee Hsien Yang — the PM's younger sister and brother, respectively — accused their elder brother of abusing power and exploiting their father's legacy for political gain.

The city-state's first PM and father to all three siblings, Lee Kuan Yew (LKY) passed away in March 2015.

Prime Minister Lee Hsien Loong of Singapore
Getty Images
Prime Minister Lee Hsien Loong of Singapore
"Since the passing of LKY, we have felt threatened by Hsien Loong's misuse of his position and influence over the Singapore government and its agencies to drive his personal agenda," Wei Ling and Hsien Yang said.

Wei Ling has long been a vocal critic of PM Lee — last year, she denounced him for using LKY's one-year death anniversary as a political tool in a series of Facebook posts — but Hsien Yang, chairman of the country's Civil Aviation Authority, has steered clear of public family spats until now.

In their statement, widely carried on social media and local newspaper the Straits Times, the siblings expressed fear that state organs would be used against them. Hsien Yang said he was leaving Singapore, citing the PM as the sole reason for his departure.

"If Hsien Loong is prepared to act thus against us, both contributing members of Singapore's establishment, to advance his personal agenda, we worry for Singapore."

Instead of demolishing LKY's house as the former leader desired, the PM has sought to make the residence his personal home — a move that would enhance his political capital, the siblings continued.

The PM and his wife Ho Ching — CEO of Temasek Holdings, Singapore's $196 billion sovereign wealth fund — also harbored political ambitions for their son Li Hongyi, the statement said.

19% Singapore workers fear losing jobs to automation: Survey

In rare feud, Singapore PM Lee under attack by his siblings
The younger siblings of Singaporean Prime Minister Lee Hsien Loong have accused him of abusing power in a public statement.
The PM, currently on leave, has denied the allegations.
Nyshka Chandran | @nyshkac
4 Hours Ago
CNBC.com
73
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A rare feud between Singaporean Prime Minister Lee Hsien Loong and his siblings has publicized the deep divisions weighing on the island-nation's first family.

In an explosive statement on Wednesday, Lee Wei Ling and Lee Hsien Yang — the PM's younger sister and brother, respectively — accused their elder brother of abusing power and exploiting their father's legacy for political gain.

The city-state's first PM and father to all three siblings, Lee Kuan Yew (LKY) passed away in March 2015.

Prime Minister Lee Hsien Loong of Singapore
Getty Images
Prime Minister Lee Hsien Loong of Singapore
"Since the passing of LKY, we have felt threatened by Hsien Loong's misuse of his position and influence over the Singapore government and its agencies to drive his personal agenda," Wei Ling and Hsien Yang said.

Wei Ling has long been a vocal critic of PM Lee — last year, she denounced him for using LKY's one-year death anniversary as a political tool in a series of Facebook posts — but Hsien Yang, chairman of the country's Civil Aviation Authority, has steered clear of public family spats until now.

In their statement, widely carried on social media and local newspaper the Straits Times, the siblings expressed fear that state organs would be used against them. Hsien Yang said he was leaving Singapore, citing the PM as the sole reason for his departure.

"If Hsien Loong is prepared to act thus against us, both contributing members of Singapore's establishment, to advance his personal agenda, we worry for Singapore."

Instead of demolishing LKY's house as the former leader desired, the PM has sought to make the residence his personal home — a move that would enhance his political capital, the siblings continued.

The PM and his wife Ho Ching — CEO of Temasek Holdings, Singapore's $196 billion sovereign wealth fund — also harbored political ambitions for their son Li Hongyi, the statement said.

In rare feud, Singapore PM Lee under attack by his siblings
The younger siblings of Singaporean Prime Minister Lee Hsien Loong have accused him of abusing power in a public statement.
The PM, currently on leave, has denied the allegations.
Nyshka Chandran | @nyshkac
4 Hours Ago
CNBC.com
62
SHARES
A rare feud between Singaporean Prime Minister Lee Hsien Loong and his siblings has publicized the deep divisions weighing on the island-nation's first family.

In an explosive statement on Wednesday, Lee Wei Ling and Lee Hsien Yang — the PM's younger sister and brother, respectively — accused their elder brother of abusing power and exploiting their father's legacy for political gain.

The city-state's first PM and father to all three siblings, Lee Kuan Yew (LKY) passed away in March 2015.

Prime Minister Lee Hsien Loong of Singapore
Getty Images
Prime Minister Lee Hsien Loong of Singapore
"Since the passing of LKY, we have felt threatened by Hsien Loong's misuse of his position and influence over the Singapore government and its agencies to drive his personal agenda," Wei Ling and Hsien Yang said.

Wei Ling has long been a vocal critic of PM Lee — last year, she denounced him for using LKY's one-year death anniversary as a political tool in a series of Facebook posts — but Hsien Yang, chairman of the country's Civil Aviation Authority, has steered clear of public family spats until now.

In their statement, widely carried on social media and local newspaper the Straits Times, the siblings expressed fear that state organs would be used against them. Hsien Yang said he was leaving Singapore, citing the PM as the sole reason for his departure.

"If Hsien Loong is prepared to act thus against us, both contributing members of Singapore's establishment, to advance his personal agenda, we worry for Singapore."

Instead of demolishing LKY's house as the former leader desired, the PM has sought to make the residence his personal home — a move that would enhance his political capital, the siblings continued.

The PM and his wife Ho Ching — CEO of Temasek Holdings, Singapore's $196 billion sovereign wealth fund — also harbored political ambitions for their son Li Hongyi, the statement said.

FRANKFURT: The European Central Bank (ECB) said Tuesday it had exchanged part of its US dollar reserves for Chinese yuan for the first time, in a sign of the growing global importance of Beijing’s currency.

The Frankfurt institution “completed an investment equivalent to 500 million euros (RM2.4bil) of the ECB’s foreign reserves in Chinese renminbi (CNY) during the first half of 2017,” it said in a statement.

Justifying its decision, the ECB said that “the use of CNY as a global international currency has increased in recent years,” being declared a freely-usable currency by the IMF in 2015.

”The ECB’s investment also reflects the importance of China as one of the euro area’s largest trading partners,” it added.

Its purchase of the Chinese cash was paid for with “a small portion of its US dollar holdings, which remain the largest portfolio,” it added.

The ECB’s foreign reserves, held in US dollars, Japanese yen, Chinese renminbi, and International Monetary Fund Special Drawing Rights (SDRs), remained at the same overall size.

Figures released last month showed that the ECB’s official reserves stood at over 68 billion euros at the end of April, including 47.7 billion euros in foreign currencies and 18.8 billion euros in gold.

The ECB only publishes figures on its holdings of individual currencies in its annual report at the end of each year.

In December 2016, the central bank held US$46.8bil in US dollars (41.7 billion euros), and 1.1 trillion Japanese yen (8.8 billion euros). - AFP

FRANKFURT: The European Central Bank (ECB) said Tuesday it had exchanged part of its US dollar reserves for Chinese yuan for the first time, in a sign of the growing global importance of Beijing’s currency.

The Frankfurt institution “completed an investment equivalent to 500 million euros (RM2.4bil) of the ECB’s foreign reserves in Chinese renminbi (CNY) during the first half of 2017,” it said in a statement.

Justifying its decision, the ECB said that “the use of CNY as a global international currency has increased in recent years,” being declared a freely-usable currency by the IMF in 2015.

”The ECB’s investment also reflects the importance of China as one of the euro area’s largest trading partners,” it added.

Its purchase of the Chinese cash was paid for with “a small portion of its US dollar holdings, which remain the largest portfolio,” it added.

The ECB’s foreign reserves, held in US dollars, Japanese yen, Chinese renminbi, and International Monetary Fund Special Drawing Rights (SDRs), remained at the same overall size.

Figures released last month showed that the ECB’s official reserves stood at over 68 billion euros at the end of April, including 47.7 billion euros in foreign currencies and 18.8 billion euros in gold.

The ECB only publishes figures on its holdings of individual currencies in its annual report at the end of each year.

In December 2016, the central bank held US$46.8bil in US dollars (41.7 billion euros), and 1.1 trillion Japanese yen (8.8 billion euros). - AFP

FRANKFURT: The European Central Bank (ECB) said Tuesday it had exchanged part of its US dollar reserves for Chinese yuan for the first time, in a sign of the growing global importance of Beijing’s currency.

The Frankfurt institution “completed an investment equivalent to 500 million euros (RM2.4bil) of the ECB’s foreign reserves in Chinese renminbi (CNY) during the first half of 2017,” it said in a statement.

Justifying its decision, the ECB said that “the use of CNY as a global international currency has increased in recent years,” being declared a freely-usable currency by the IMF in 2015.

”The ECB’s investment also reflects the importance of China as one of the euro area’s largest trading partners,” it added.

Its purchase of the Chinese cash was paid for with “a small portion of its US dollar holdings, which remain the largest portfolio,” it added.

The ECB’s foreign reserves, held in US dollars, Japanese yen, Chinese renminbi, and International Monetary Fund Special Drawing Rights (SDRs), remained at the same overall size.

Figures released last month showed that the ECB’s official reserves stood at over 68 billion euros at the end of April, including 47.7 billion euros in foreign currencies and 18.8 billion euros in gold.

The ECB only publishes figures on its holdings of individual currencies in its annual report at the end of each year.

In December 2016, the central bank held US$46.8bil in US dollars (41.7 billion euros), and 1.1 trillion Japanese yen (8.8 billion euros). - AFP

FRANKFURT: The European Central Bank (ECB) said Tuesday it had exchanged part of its US dollar reserves for Chinese yuan for the first time, in a sign of the growing global importance of Beijing’s currency.

The Frankfurt institution “completed an investment equivalent to 500 million euros (RM2.4bil) of the ECB’s foreign reserves in Chinese renminbi (CNY) during the first half of 2017,” it said in a statement.

Justifying its decision, the ECB said that “the use of CNY as a global international currency has increased in recent years,” being declared a freely-usable currency by the IMF in 2015.

”The ECB’s investment also reflects the importance of China as one of the euro area’s largest trading partners,” it added.

Its purchase of the Chinese cash was paid for with “a small portion of its US dollar holdings, which remain the largest portfolio,” it added.

The ECB’s foreign reserves, held in US dollars, Japanese yen, Chinese renminbi, and International Monetary Fund Special Drawing Rights (SDRs), remained at the same overall size.

Figures released last month showed that the ECB’s official reserves stood at over 68 billion euros at the end of April, including 47.7 billion euros in foreign currencies and 18.8 billion euros in gold.

The ECB only publishes figures on its holdings of individual currencies in its annual report at the end of each year.

In December 2016, the central bank held US$46.8bil in US dollars (41.7 billion euros), and 1.1 trillion Japanese yen (8.8 billion euros). - AFP

Psiptek nta 0.59. Current price 0.165 undervalued.

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Psiptek nta worth 0.59. Share price 0.17. Generate profit and non pn17 list.

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Kaki kong nun lang song

Smell like pizza with seafoods

Hong Kong Dollar Currency Derailing City Stocks – Investors Panic
By Shayne Heffernan on May 25, 2017No Comment
Hong Kong Dollar Currency Derailing City Stocks – Investors Panic
0
The currency moving out of the HK$7.755 to HK$7.77 range that it spent most of 2016 within is unnerving investors.

The Federal Reserve is playing havoc with the Hong Kong dollar — and the stock market could be next.
The Hong Kong dollar is within 0.2 percent of HK$7.80 per U.S. dollar, a level that could trigger outflows from the stock market, according to Ample Capital Ltd. and Core-Pacific Yamaichi. Their theory? Traders start ditching rate-sensitive equities on concern the weakness will spur officials to start buying the currency to shore up the peg, thereby boosting borrowing costs.

Hong Kong dollar weakness is caused by the dollar’s gains on the back of tightening monetary policy and improvement in U.S. economic fundamentals, Li said. That retreat may be tempered after the Fed hikes rates again.
There’s unlikely to be a panic in equity markets
Inflows of capital from China are helping buoy liquidity in Hong Kong, which is keeping a lid on rates
Weakness could spur intervention, which buoys borrowing costs
Drop to HK$7.80 likely to trigger stock losses: Ample Capital
There’s not enough loan demand in Hong Kong to provide support for the currency
The Hong Kong dollar may weaken to HK$7.80 some time before mid-June if the interest rate differential widens to 1 percent

Hong Kong Dollar Peg Breaks, HKD Collapsing From Chinese Economic Tsunami
May. 25, 2017 2:56 PM
Summary
HKD peg has been broken from flows of money into HK.
Chinese economy pushing breaking point with exodus of funds.
Interest rates in HK and CN diverging.
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I got an email from an old trading friend who used to work out of HSBC in Hong Kong, right there in the tower on the options trading floor. He wanted to know if I had been paying attention to the latest developments: The Hong Kong dollar is getting clocked. Last January 2016, there was speculation that the peg to the USD would end. That sent the HKD downward sharply. The dollar recovered for a period but has begun collapsing again sharply over the past few sessions. More will continue. There are mounting problems in China and this is endemic of what is going on. At the same time the HKD is falling, Hong Kong government interest rates are heading lower which will serve to exasperate the problem. If the peg is ended, if the government allows the HKD to free-float, the move lower in HKD will pale in comparison.
Below is the weekly chart on HKDUSD (typically quoted as USDHKD):

I listed this chart inverted to show how HKD is responding for the visual. There are large shifts financially occurring in China right now. The Chinese government is intent on riding the non-performing loans that Chinese banks have on their books. The government has taken several steps to enact this policy. They have restricted loans to businesses and individuals for mortgages. The effects of this has been that money has been leaving the country to invest elsewhere. Hong Kong has been one of the destinations for this money.
This has strained the CNH versus USD and HKD:


I expect that CNH will continue to fall. However, I did not expect the HKD to fall. The currency has been pegged for forever. Now, with the peg falling apart, the currency has been falling. But, what is odd is the next move. Interestingly, there has been a sharp divergence between government yields in Hong Kong and China.

UOB: Singapore dollar expected to weaken against ringgit
SOURCE: Bernama
KUALA LUMPUR, 9 May 2017:
The cross rate between the Singapore dollar (SGD) versus the Malaysian ringgit (MYR) could possibly head lower and return to below the 3.0 level by year-end, says United Overseas Bank (UOB).
Based on current trend, the cross would likely pass through the 3.0 psychological level as the US dollar per ringgit (USD/MYR) is projected to hover at around 4.30 by end-December while USD/SGD may hold at 1.46.


Read more: http://www.therakyatpost.com/business/2017/05/09/uob-singapore-dollar-expected-to-weaken-against-ringgit/#ixzz4gb3RNkSu

UOB: Singapore dollar expected to weaken against ringgit
SOURCE: Bernama
KUALA LUMPUR, 9 May 2017:
The cross rate between the Singapore dollar (SGD) versus the Malaysian ringgit (MYR) could possibly head lower and return to below the 3.0 level by year-end, says United Overseas Bank (UOB).
Based on current trend, the cross would likely pass through the 3.0 psychological level as the US dollar per ringgit (USD/MYR) is projected to hover at around 4.30 by end-December while USD/SGD may hold at 1.46.
“SGD is seen as a ‘safe haven’ currency in the region, and when the risks were higher, a lot of funds came in to support the republic’s currency.
“The SGD/MYR cross is now seen as quite expensive and there could be a reversion. Based on the rates predicted for year-end, the cross could head lower,” UOB (Malaysia) Bhd economist Julia Goh said at the sidelines of a media briefing on, ‘How Global Events Will Impact Malaysia’s 2017 Growth Trajectory’ here today.

The ringgit rose against the SGD to 3.0822/0855 as at 5pm today from yesterday’s 6pm rate of 3.0856/0886.
For the past decade, the cross had been traded bias to the strength of SGD, with the ringgit weakening to as low as to 3.1726 (16 March 2017). Its best performance was recorded at 2.2178 (25 May 2007).
The republic’s central bank, the Monetary Authority of Singapore (MAS), has been using the exchange rate as its main monetary policy tool to strike a balance between inflation from overseas and economic growth.
Goh said MAS would most likely take a neutral policy stand as the republic’s core inflation was manageable, despite market expectations that the policy might be tightened.
While external risks remain present in the form of uncertainty in the US president Donald Trump’s policies and geopolitical risks, she said there were mitigating factors as Malaysia was part of a wider production base in the region which benefits from domestic derived growth.
Goh said UOB projected Malaysia’s gross domestic product (GDP) growth to expand to at least 4.5% this year and to 4.7% in 2018, compared to 4.2% in 2016.
She said Malaysia’s macro outlook was on the mend as the fog slowly lifts with its rising tide in exports and gains in new orders, reinforcing the bank’s view that the country’s economy should be progressing.
“Commodity prices have also levelled up, supporting Malaysia’s trade and current account surplus.
“After the recent record sell-off, funds started accumulating back to the 40% level in the Malaysian Government Securities. Supported by a US$96.1 billion foreign reserves (as of end-April 2017) and a rising trend in foreign direct investments, the undervalued ringgit is poised to strengthen.

UOB: Singapore dollar expected to weaken against ringgit
SOURCE: Bernama
KUALA LUMPUR, 9 May 2017:
The cross rate between the Singapore dollar (SGD) versus the Malaysian ringgit (MYR) could possibly head lower and return to below the 3.0 level by year-end, says United Overseas Bank (UOB).
Based on current trend, the cross would likely pass through the 3.0 psychological level as the US dollar per ringgit (USD/MYR) is projected to hover at around 4.30 by end-December while USD/SGD may hold at 1.46.
“SGD is seen as a ‘safe haven’ currency in the region, and when the risks were higher, a lot of funds came in to support the republic’s currency.
“The SGD/MYR cross is now seen as quite expensive and there could be a reversion. Based on the rates predicted for year-end, the cross could head lower,” UOB (Malaysia) Bhd economist Julia Goh said at the sidelines of a media briefing on, ‘How Global Events Will Impact Malaysia’s 2017 Growth Trajectory’ here today.

The ringgit rose against the SGD to 3.0822/0855 as at 5pm today from yesterday’s 6pm rate of 3.0856/0886.
For the past decade, the cross had been traded bias to the strength of SGD, with the ringgit weakening to as low as to 3.1726 (16 March 2017). Its best performance was recorded at 2.2178 (25 May 2007).
The republic’s central bank, the Monetary Authority of Singapore (MAS), has been using the exchange rate as its main monetary policy tool to strike a balance between inflation from overseas and economic growth.
Goh said MAS would most likely take a neutral policy stand as the republic’s core inflation was manageable, despite market expectations that the policy might be tightened.
While external risks remain present in the form of uncertainty in the US president Donald Trump’s policies and geopolitical risks, she said there were mitigating factors as Malaysia was part of a wider production base in the region which benefits from domestic derived growth.
Goh said UOB projected Malaysia’s gross domestic product (GDP) growth to expand to at least 4.5% this year and to 4.7% in 2018, compared to 4.2% in 2016.
She said Malaysia’s macro outlook was on the mend as the fog slowly lifts with its rising tide in exports and gains in new orders, reinforcing the bank’s view that the country’s economy should be progressing.
“Commodity prices have also levelled up, supporting Malaysia’s trade and current account surplus.
“After the recent record sell-off, funds started accumulating back to the 40% level in the Malaysian Government Securities. Supported by a US$96.1 billion foreign reserves (as of end-April 2017) and a rising trend in foreign direct investments, the undervalued ringgit is poised to strengthen.


Read more: http://www.therakyatpost.com/business/2017/05/09/uob-singapore-dollar-expected-to-weaken-against-ringgit/#ixzz4gb1q5dpC

One day, it will hit 0.50.

Canada’s economy has been on a tear the past six months, with output and jobs beating expectations (at least until the most recent jobs report).

But there’s one aspect of Canada’s economy that’s positively in the dumps: The loonie, which according to Bank of Montreal senior economist Sal Guatieri, is the “worst-performing major currency this year.”

world currencies vs us dollar
Most major currencies have risen against the U.S. dollar since the start of the year. The loonie is not among them.

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The loonie “is the ugly duckling of the currency world in 2017,” declared National Bank Financial senior economist Stefane Marion.

Typically, when the world’s currencies rise against the U.S. dollar, the loonie follows. But this time around, the Canadian dollar’s performance has been even worse than the U.S.’s.

“This type of disconnect is extremely rare,” Marion wrote in a client note Thursday. He estimated that the loonie is the most disconnected it’s been from the U.S. dollar’s movements in more than a decade.