HALISTER1: Ringgit Selling on Outflows From ‘Crowded’ Bond Positions: BOS

Ringgit Selling on Outflows From ‘Crowded’ Bond Positions: BOS

(Bloomberg) -- Investors are rushing to sell ringgit since last week due to outflows from fixed income market and not just because of the dollar strength, Sim Moh Siong, currency strategist at Bank of Singapore says.
  • Foreign positioning in ringgit bond market has been “quite crowded” since BNM unexpectedly cut rates in September
  • ’’There’s still nervousness out there in terms of the dollar strength,’’ Sim says
  • Yield on 3.9% govt bond due Nov. 2026 climbs 11 bps to 4.252%, highest since Dec. 17, 2015, according to Bursa Malaysia and BNM prices
  • Ringgit falls 0.2% to 4.3375 per dollar after touching 4.3525, weakest level since Jan. 22, according to onshore prices.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Moh Sim (ING Groep NV)

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