Singapore dollar hits all-time high against Malaysian ringgit
By Tang See Kit Posted 24 Feb 2017 16:57 Updated 24 Feb 2017 17:23
A money changer counts Malaysian ringgit bank notes while customers wait at a foreign exchange booth. (AFP/TENGKU BAHAR)
SINGAPORE: The Singapore dollar hovered at an all-time high against the Malaysian ringgit on Friday (Feb 24), peaking at 3.1687 earlier in the day before easing back to 3.1643 in afternoon trade.
An outperformance of the Singapore currency, rather than a weakening in the ringgit, was behind the movements in the SGD/MYR, analysts told Channel NewsAsia.
Alongside broad-based strength in other Asian currencies such as the South Korean won and the Taiwan dollar, the Sing dollar edged up as overnight comments from US Treasury Secretary Steven Mnuchin pulled down the US dollar.
Speaking to CNBC in his first televised interview since taking office, Mnuchin said he wanted to see tax reform passed before Congress' August recess, but later acknowledged on Fox Business Network that such a timeline was "very aggressive”. US president Donald Trump previously said he would announce a "phenomenal" plan by early March to cut business taxes.
“Overnight comments from Mnuchin seem to suggest that the tax reforms will only be read in August. If that’s the case, dollar strength will only come later,” said Mr Christopher Wong, senior FX strategist for Maybank.
“Even on Trump’s point of declaring China as a currency manipulator, Mnuchin said there’s no plan to do that so there seems to be a contradiction in there,” Mr Wong added. “This sets the stage for Trump’s first address to a joint session of Congress on Feb 28, which markets will be keeping an eye on for more details of his tax reform and infrastructure plans.”
Little clarity on the US president’s proposed fiscal stimulus has reined in the US dollar's rally since the start of the year, allowing Asian currencies to take a slight breather.
On Friday, even a below-par industrial production report failed to dampen the spirits of the Sing dollar, which was last seen at 1.4050 per US dollar in afternoon trade. Earlier in the day, the local dollar hit 1.4091 against the greenback, its highest since Nov 10.
“The outperformance of the Sing dollar occurred way before the data release but even that had little impact. Simply because the big swing this month in industrial production was due to the biomedical manufacturing, which is typically quite volatile,” Mr Wong said.
Amid expectations of further bouts of US dollar weakness, analysts expect the Sing dollar to continue outperforming.
“The narrative surrounding Trump and his agenda is fraying and that’s causing these movements. With a little bit of recovery in risk sentiment given the push back in moves that could inflate trade tensions, we see low-yielding currencies like the Sing dollar doing better,” said Mr Julian Wee, senior markets strategist for Asia at National Australia Bank.
On the other hand, the Malaysian ringgit will likely continue to underperform most of its Asian counterparts.
One reason for that is Bank Negara Malaysia’s (BNM) lack of adequate foreign exchange reserves to “smooth out the depreciation” of the currency amid a strong dollar environment, Mr Wee noted.
- CNA/sk
- wong chee tat :)
Showing posts with label exchange. Show all posts
Showing posts with label exchange. Show all posts
Friday, February 24, 2017
Wednesday, March 12, 2014
Wednesday, April 10, 2013
Chinese yuan hits record high on capital inflows
Chinese yuan hits record high on capital inflows
The Chinese yuan closed at a record high on Wednesday as authorities continue to nudge the unit higher to encourage capital inflows, analysts said.
SHANGHAI - The Chinese yuan closed at a record high on Wednesday as authorities continue to nudge the unit higher to encourage capital inflows, analysts said.
The yuan closed at 6.1939 to the dollar, stronger than the key 6.2 level and its best close since China launched its modern foreign exchange market in 1994, according to the China Foreign Exchange Trade System.
The Chinese currency also touched a record intra-day high of 6.1923 yuan.
China has faced pressure from the United States and other countries to allow the yuan to appreciate, claiming its value is artificially low.
Analysts said a stronger yuan would help attract further inflows of foreign capital, which picked up as China's economy has recovered, prompting authorities to keep the value high.
"Authorities have been worrying about capital inflows and outflows, fearing overseas capital that flew in earlier on optimism over the Chinese economy might leave the country," said Jiang Shu, an analyst at Industrial Bank.
"In the near term the currency may continue to appreciate," he added.
Recent data has indicated the pick-up in the world's second biggest economy remains fragile. China recorded a rare trade deficit of US$880 million in March, figures showed Wednesday.
The US Treasury last November stopped short of labelling China a currency manipulator, noting gains in the value of the yuan, but said the currency remains "significantly undervalued".
- AFP/ir
- wong chee tat :)
The Chinese yuan closed at a record high on Wednesday as authorities continue to nudge the unit higher to encourage capital inflows, analysts said.
SHANGHAI - The Chinese yuan closed at a record high on Wednesday as authorities continue to nudge the unit higher to encourage capital inflows, analysts said.
The yuan closed at 6.1939 to the dollar, stronger than the key 6.2 level and its best close since China launched its modern foreign exchange market in 1994, according to the China Foreign Exchange Trade System.
The Chinese currency also touched a record intra-day high of 6.1923 yuan.
China has faced pressure from the United States and other countries to allow the yuan to appreciate, claiming its value is artificially low.
Analysts said a stronger yuan would help attract further inflows of foreign capital, which picked up as China's economy has recovered, prompting authorities to keep the value high.
"Authorities have been worrying about capital inflows and outflows, fearing overseas capital that flew in earlier on optimism over the Chinese economy might leave the country," said Jiang Shu, an analyst at Industrial Bank.
"In the near term the currency may continue to appreciate," he added.
Recent data has indicated the pick-up in the world's second biggest economy remains fragile. China recorded a rare trade deficit of US$880 million in March, figures showed Wednesday.
The US Treasury last November stopped short of labelling China a currency manipulator, noting gains in the value of the yuan, but said the currency remains "significantly undervalued".
- AFP/ir
- wong chee tat :)
Saturday, November 10, 2012
Friday, November 9, 2012
Tuesday, November 6, 2012
Microsoft Exchange Server 2013 is Now Available
Microsoft Exchange Server 2013 is Now Available
ServerAndToolsBlogsTeam
2 Nov 2012 2:38 PM
Three weeks ago the Exchange Server team announced the RTM of Exchange Server 2013 on their team blog. Since that time the team has been working diligently to get the product ready for general availability via the various channels. We’re happy to say Exchange Server 2013 is now generally available.
Microsoft Exchange Server 2013 enables you to maintain control, increase user productivity, and keep your organization safe:
Remain in control, online and on-premises - Exchange Server 2013 enables you to tailor your solution based on your unique needs and ensures your communications are always available while you remain in control, on your own terms - online, on-premises, or a hybrid of the two.
Do more, on any device - Exchange Server 2013 helps your users be more productive by helping them manage increasing volumes of communications across multiple devices and work together more effectively as teams.
Keep your organization safe - Exchange Server 2013 keeps your organization safe by enabling you to protect business communications and sensitive information to meet internal and regulatory compliance requirements.
You can go get the download off the evaluation center at http://technet.microsoft.com/hh973395. See the product information at http://microsoft.com/exchange.
Technical information for all of the Exchange Server products can be found at http://technet.microsoft.com/exchange. For those of you with TechNet or MSDN subscriptions, head on over to the subscriber download center and grab the DVD .ISO file.
- wong chee tat :)
ServerAndToolsBlogsTeam
2 Nov 2012 2:38 PM
Three weeks ago the Exchange Server team announced the RTM of Exchange Server 2013 on their team blog. Since that time the team has been working diligently to get the product ready for general availability via the various channels. We’re happy to say Exchange Server 2013 is now generally available.
Microsoft Exchange Server 2013 enables you to maintain control, increase user productivity, and keep your organization safe:
Remain in control, online and on-premises - Exchange Server 2013 enables you to tailor your solution based on your unique needs and ensures your communications are always available while you remain in control, on your own terms - online, on-premises, or a hybrid of the two.
Do more, on any device - Exchange Server 2013 helps your users be more productive by helping them manage increasing volumes of communications across multiple devices and work together more effectively as teams.
Keep your organization safe - Exchange Server 2013 keeps your organization safe by enabling you to protect business communications and sensitive information to meet internal and regulatory compliance requirements.
You can go get the download off the evaluation center at http://technet.microsoft.com/hh973395. See the product information at http://microsoft.com/exchange.
Technical information for all of the Exchange Server products can be found at http://technet.microsoft.com/exchange. For those of you with TechNet or MSDN subscriptions, head on over to the subscriber download center and grab the DVD .ISO file.
- wong chee tat :)
Monday, August 3, 2009
Computer-trading worries grow as NYSE builds new datacenter
Computer-trading worries grow as NYSE builds new datacenter. What worries can you expect?
- wong chee tat :)
- wong chee tat :)
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