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Usd/myr Heavy Below 3.6030, to Open Lower
USD/MYR trade previous high/breakout, 3.5850-3.62 range Pair could see fresh buying due to economic woes, extended selling in oil/commodities FX reserves as at 15 Jan at USD111.2bln vs 116.0 bln as at end Dec 2014 NDFs traded 3.5940-3.61 range overnight, closed 3.5965-3.6015 in NY
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Usd/idr mixed Around the 12500 Pivot
Fall in commodities/ minerals ps to impact exports, IDR BI said no adjustment to policy rate likely till inflation stables Govt sees Jan CPI 7.5%y/y vs 8.36% in Dec, sees trade balance +USD100mln IDR NDFs traded 12520-12500 range overnight, closed 12490-12515 in NY
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Usd/idr propped Higher on Risk Aversion, Resistance Around 12550 Yesterday
Approaching month end demand from corporates added to bidding interests Foreign selling on bond related inflows to cont to cap rallies USD/IDR likely to trade 12480-12520 range intraday - flows to remain mixed NDFs ranged between 12545-12560 overnight, closed 12525-12555 in NY
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Australia Inflation Slows To 1.7% In Q4
Consumer prices in Australia were up just 1.7 percent on year in the fourth quarter of 2014, the Australian Bureau of Statistics said on Wednesday. That was below forecasts for 1.8 percent, and down from 2.3 percent in the third quarter. On a quarterly basis, inflation added just 0.2 percent versus forecasts for 0.3 percent and down from 0.5 percent in the previous three months. The Reserve Bank of Australia's trimmed mean was up 0.7 percent on quarter and 2.2 percent on year in Q4, while the weighted median added 0.7 percent on quarter and 2.3 percent on year.
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Foreign Investors Re-Invest in Japan Stocks - Mof
Foreign investors bought Net Y466.9 bln in Japan stocks. Volume: trln buys vs trln sales Foreign investors also buy net Y237.5 bln Japan bonds, Y476.1 bln bills. Japanese buy net Y45.6 bln foreign bonds Jan 24 week, sold Y397.2 bln last. Volume: net Y382.1 bln foreign stocks, Y285.9 bln bills.
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Australia Private Sector Credit Adds 0.5% In December
Total private sector credit in Australia was up 0.5 percent on month in December, the Reserve Bank of Australia said on Friday - in line with expectations and unchanged from the previous month. On a yearly basis, credit jumped 5.9 percent - also matching forecasts and unchanged from November. Housing credit added 0.6 percent on month and 7.1 percent on year, while personal credit was flat on month and added 0.9 percent on year and business credit gained 0.5 percent on month and 4.8 percent on year. The M3 money stock advanced 0.7 percent on quarter and 7.7 percent on year.
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Usd/myr Looks to Rally Towards 3.65, Weak China Pmi to Add to Myr Woes
MYR NDFs surged to new high at 3.66 on Friday night
China Jan PMI at 49.8 vs expected 50.2 - add to Malaysia exports worries
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Japan Monetary Base Climbs 37.4% In January
The monetary base in Japan jumped 37.4 percent on year in January, the Bank of Japan said on Tuesday, coming in at 275.385 trillion yen. That follows the 38.2 percent spike in December. Banknotes in circulation added 3.5 percent on year, while coins in circulation gained 0.7 percent. Current account balances surged an annual 66.2 percent, including a 66.7 percent spike in reserve balances. The adjusted monetary base climbed 50.2 percent to 277.267 trillion yen.
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Gas Prices Have Bottomed For Now
After declining a record 123 consecutive days, U.S. gas prices seem to have bottomed out. According to this week's Energy Information Administration "Gasoline and Diesel Fuel Update", average US gas prices edged up from $2.044 per gallon on January 26 to $2.068 per gallon on February 2. However, US gas prices are still well below the $3.292 per gallon they were a year earlier. Average gas prices had dropped to nearly $2 per gallon due to the steep decline in the cost of crude oil during the previous six months. Gas prices generally are at or near seasonal lows in January due to relatively weak demand. Many Americans cut back on driving and travel during the cold winter months, which can allow gasoline supplies to build. "Many drivers are noticing an uptick in gas prices for the first time in months," said Avery Ash, AAA spokesman. "It is typical to see gas prices increase this time of year due to refinery issues, yet hopefully the consumer impact will be less problematic given how low prices are today." AAA expects gas prices to increase this month due to refinery maintenance and decreased production. Gas prices in February have increased during the previous five years by an average of 22 cents per gallon, according to AAA.
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China January Trade Data to Benefit from Holiday Distortion
China's January trade data is due on 8 February. Notes from Standard Chartered Research says: While global economic momentum remains weak, the later timing of the Lunar New Year (LNY) should help. We expect export growth of 7.5% y/y versus 9.7% prior. Despite the resilient US recovery, demand from the EU and Japan is lagging, and EM demand has been hit by the USD rally and falling commodity prices. The sub-index of new export orders in the official PMI data showed softer external demand in January. We expect import growth to have fallen by 1% y/y, versus -2.4% in December. Sluggish domestic demand and falling commodity prices should continue to weigh on import growth, but the later LNY will likely act as a boost. We expect the trade surplus to remain high at c.USD 48.5bn.
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