HALISTER1: INSIDE MALAYSIA: Ringgit Gains; RBS Advises Caution on Nation

INSIDE MALAYSIA: Ringgit Gains; RBS Advises Caution on Nation

(Bloomberg) -- Ringgit rises as less hawkish-than-expected Fed minutes spur broad dollar weakness.
  • Ringgit advances 0.5% to 3.9938 per dollar, while WTI crude oil down 0.2% at $46.68/bbl
  • USD/MYR pivoting around 100-DMA at 4.0121; resistance at 50- DMA of 4.0368, Aug. 8 high of 4.0498 and Aug. 3 high of 4.0763; support at Aug. 17 low of 3.9810, July 19 low of 3.9725 and 3.9682, 76.4% Fibo retracement of July 15 to July 25 rally
  • RBS advises caution on Malaysia, Asia economist Vaninder Singh writes in a note yday; says nation’s banking system is set to face a “classical” squeeze, with negative deposit growth and still rising loan growth; adds sharp readjustment can’t be ruled out
    • For bonds, however, Malaysia’s are offering better yields than U.S. Treasuries on a FX-hedged basis
    • Sees USD/MYR at 4 in 3Q and at 4.05 by year-end
  • Yield on 3.9% govt bond due Nov. 2026 down 1 bp at 3.491%, according to Bursa Malaysia prices
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Vaninder Singh (Royal Bank of Scotland Group PLC)

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UUID: 7947283

HALISTER1: INSIDE THAILAND: Baht Rising; USD/THB Within Bear Channel

INSIDE THAILAND: Baht Rising; USD/THB Within Bear Channel

(Bloomberg) -- Baht gains, along with other Asian currencies, after FOMC minutes suggested U.S. rates will stay low for longer. Probability of Fed rate hike in December fell to 48.5% yday from 51.0% on Aug. 16.
  • USD/THB down 0.3% to 34.590, below 10-DMA at 34.781
    • Pair is consolidating within bear channel drawn from May 17 low at 35.320 and June 1 high at 35.800; click here for chart
    • Channel top side today at 34.998, channel base at 34.372
  • Singtel buying stakes in Thailand’s Intouch and India’s Bharti Telecom Ltd
  • Cabinet approves 35.75b baht budget for low-cost housing
  • Overseas investors bought 1.31b baht of Thai stocks and 9.25b baht of bonds yesterday
  • THB 5-year interest-rate swaps rising above 100-DMA at 1.799% for first time since June 6; click here for chart
  • Yield on 3.85% govt bond due Dec. 2025 steady at 2.091%
  • Five-year credit protection costs for Thailand rose for second day, up 1 bp to 89.5 bps, holding below 50-DMA at 103 bps, according to CMA New York data.
  • NOTE: Mark Cranfield is an FX strategist who writes for Bloomberg. The observations he makes are his own.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: Schooner 2007-8 - DBRS July 2016 Surveillance Report

Schooner 2007-8 - DBRS July 2016 Surveillance Report

Alert: HALISTER1
Source: DBR (Dominion Bond Rating Service)

People
Gwen Roush (Dbrs, Inc.)
Richard Carlson (Dbrs, Inc.)
Stephen Koehler (Dbrs, Inc.)

Topics
Agency Credit Research
Fixed Income Research
Credit Analysis Research
Credit Research
Investment Research

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UUID: 7947283

HALISTER1: Schooner 2007-7 - DBRS July 2016 Surveillance Report

Schooner 2007-7 - DBRS July 2016 Surveillance Report

Alert: HALISTER1
Source: DBR (Dominion Bond Rating Service)

People
Gwen Roush (Dbrs, Inc.)
Richard Carlson (Dbrs, Inc.)
Stephen Koehler (Dbrs, Inc.)

Topics
Agency Credit Research
Fixed Income Research
Credit Analysis Research
Credit Research
Investment Research

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To modify this alert, click here

UUID: 7947283