“We have to warn our people about the dangerous situation of the property market,” said Hong Kong’s Financial Secretary, Paul Chan, today.
In an interview with Bloomberg’s Haslinda Amin, Chan expressed concern about a potential housing market correction in Hong Kong, which is currently the world’s most expensive city for property. In 2016, Hong Kong stood atop Knight Frank’s Prime International Residential Index with USD 1 million buying a home averaging just 20.6 square metres. View article >
On Monday, US ratings agency Moody’s cut its credit ratings on Australia’s four largest banks by one notch to Aa2 from Aa1. The banks – Westpac, ANZ, Commonwealth Bank and National Australia Bank – retain their “investment grade” status but are no longer top-rated by the agency.
Less well known, smaller banks that were downgraded include Bendigo and Adelaide Bank and Credit Union Australia. View article >
Of the FX majors, the New Zealand dollar has been the best performer in May.
At the end of yesterday’s New York session, with NZD/USD at 0.754, the pair is up 2.9% since May 1st. By comparison, the kiwi’s closest cousin, the Australian dollar, is down 0.5% against the US dollar.
The New Zealand dollar was supported last week following much better than expected trade data from Stats NZ. View article >
The Singapore dollar-to-US dollar exchange rate reached six-month highs this morning at 0.7231 following new predictions from Singapore’s Ministry of Trade and Industry (MTI) that economic growth in the country will exceed 2% this year.
“Barring the materialization of downside risks, GDP growth is likely to come in higher than the 2% achieved in 2016,” said the MTI.
This morning also saw the release of revised Singapore Q1 GDP data – also supplied by the MTI. View article >
In Conan Doyle’s Hound of the Baskervilles, the legendary detective Sherlock Holmes solves a crime using his knowledge of what didn’t happen. Specifically, when Holmes learns that the victim’s dog had not barked during the night of the theft of a prized racehorse, Holmes knows that the offender is likely known to the dog – an insight which leads Holmes in the right investigative direction. View article >
Yesterday on BestExchangeRates.com, we suggested that now might be the time to change your Australian dollars into Canadian dollars, having seen the Aussie’s buying power reach 6-month highs on Tuesday.
Those words now seem prophetic, given what we saw yesterday in Australian dollar exchange rates. The Australian dollar tumbled across the board yesterday, including against the Canadian dollar.
At the end of the New York session, the traditional end of the FX trading day, AUD/CAD had posted its largest daily fall since April-2016 – a fall from highs near 1.0350 to 1.0190. View article >
On Friday, Scotiabank – otherwise known as the Bank of Nova Scotia – outlined four factors that would drive Asian currencies higher in 2017.
Investors would “pour funds” into Asian markets on the following grounds:
1) If the Bank of Japan and European Central Bank continue with their stimulus programs, providing “accommodative” levels of liquidity to the economy.
With three consecutive months of positive core inflation in Japan, it is unlikely that the BoJ will be ending stimulus any time soon. View article >
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 Euro has surged in early Asian trading to five-month highs against the U.S. dollar as centrist Emmanuel Macron emerged winning the first round presidential election result.
The National Front’s Marine Le Pen was predicted to also reach the second round of voting.
The result was seen as positive for the Euro and EU as investors had been worried that a second-round contest between Le Pen and the far-left Jean-Luc Melenchon would have set up a possible exit of France from the European Union. View article >
First-quarter data released this morning shows that the Singapore economy has contracted at an annualized -1.9%. The number continues to add to what has become a theme of incredible GDP volatility in Asia’s ‘Lion City’. Annualized GDP growth to the end of Q4 2016 had been a whopping +12.3%, and prior to that, -0.4%.
Also today, Singapore’s central bank – the Monetary Authority of Singapore (MAS) – has left monetary policy unchanged, sticking to their “neutral” stance on the valuation of the Singapore dollar. View article >
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