The Malaysian ringgit has been one of Asia’s worst performing currencies for some time.
Between May-2013 and September-2015 the exchange rate for MYR/USD declined from highs at 0.338 to 0.223 – a 34% fall in the currency’s value.
Markets gave the ringgit some respite between October-15 and April-16, a period in which the ringgit clawed back around half of the aforementioned losses, but then selling against the US dollar began again, which accelerated following the result of November’s US election. View article >
The US dollar has started the week lower against most currencies as traders play catch up following market holidays on Friday.
In Friday’s market update at BestExchangeRates.com, we described how March’s US core inflation fell month-on-month for the first time in seven years, but with many investors away for the Good Friday holiday, we also described how expected weakness in the US dollar did not occur (the US Dollar Index actually finished higher on the day). View article >
In recent days, the Philippine peso has done what other Asian currencies were unable to, and that’s to make gains against the US dollar in an environment of heightened geopolitical risk – an environment normally associated with a sell-off in emerging market currencies.
The peso gained again on Monday following up on its superb performance on Friday, in which PHP/USD posted its biggest gain in almost a year. View article >
The Australian dollar has had a tough couple of weeks.
Yesterday, against the U.S. dollar the Aussie finished the FX session down for the third consecutive day (its eighth daily fall in the past ten trading days). As of writing, AUD/USD is down again in Tuesday’s Asian session, trading at 0.7591, marking a 2% fall from highs posted on March-21.
No major moves are likely in AUD pairs this morning, however. View article >
Travel Tips and Ways to Save Money when Traveling in China.
China’s international visitors have rocketed to an impressive 26 million in 2015. It is said that in less than 10 years, the country will become the first tourist destination with the world’s largest number of visitors. Credit cards are still not accepted in many rural places so it will be convenient to carry a travel card or cash with you. View article >
With the Pound Sterling post Brexit falling over 9% against the USD, 7% against the Euro and over 13% against the Japanese Yen, one of the few positives of these plunges has been for the Art & Wine markets.
As reported in the FT, the UK’s luxury purchase market is benefiting from the benefits of a weaker pound. View article >
Asia’s wealthy, anxious as many of their local currencies depreciate, are increasingly lured by the resilience of the Australian dollar, says UBS, the world’s largest private bank.
The Aussie strengthened against all but one of 12 major Asian counterparts since September 30 on signs the RBA won’t cut its benchmark interest rate beyond its record-low 2 per cent amid a revival in the jobs market. View article >
Dovish hike is coming
The US dollar is on the back foot this morning as markets have begun to look past what will take place at the Federal Reserve’s meeting on December 16th and have now moved to focus on the shift in policy that will occur in the coming years i.e. how quickly subsequent rate rises are also added to the pot. View article >
Two charts that show the woe for emerging market currencies despite a pause in the devaluation of the renminbi, the cause of turmoil across global currencies.
The implications — among them a more troubled Chinese economy than previously thought, deflationary strains in western countries and falling equity stocks — are being felt mostly by China’s regional trading neighbours and other emerging markets. View article >
FX markets remain skittish a few hours after New York traders walked in. Oil prices are trading heavy, US stock futures are soft and there aren’t any US data releases to put a bridge over troubled waters. That should keep USDCAD pointing higher for the balance of the day. So much for a sleepy Monday morning.
It was a panic driven overnight market. View article >