Halister News

(Bloomberg) -- Ringgit leads Asian currencies higher as Brent crude trades above $50 a barrel for the 1st time in more than six months.

• Nation’s interest rate still at appropriate level, conducive to growth, Governor Muhammad Ibrahim says
• BNM to keep cooperating on overseas 1MDB probe; Governor Muhammad comments after Swiss authorities said BSI had acted in serious breach of money-laundering in connection with the Malaysia state investment co.
• Transfer of assets from 1MDB to Ministry of Finance to be completed by mid-June, and state investment co. will be shell company that will just manage liabilities and bonds, New Straits Times reports, citing deputy finance minister
• Ringgit rises 0.5% to 4.0850 per dollar, gaining for second day, according to onshore prices.
• USD/MYR: holding below month’s high, pivoting around 100-DMA
  • Resistance: 4.1298, May 24 high; 4.1375, 50% retracement of Jan. to April drop; 4.1465, March 16 high
  • Support: 4.0910, May 19 high broken; next at 4.0645, May 23 low; 4.0630, May 10 high
• Short MYR/INR 6-month NDF at 16.88, target 15.20 and stop at 17.20, NAB writes in note today
  • Malaysia faces the prospect of a sharp rise in political risk, which could threaten economic growth and earnings
  • Also, MYR’s carry buffer at the median level, with earnings yield below the median; leaves MYR as a fairly unattractive choice for both the risk averse investor looking for yield, and the risk-loving investor pursuing earnings returns: NAB
• Yield on 3.9% govt bond due Nov. 2026 little changed at 3.912%