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The ongoing slide in the ringgit puts it a whisker away from a record low, and continued weakness in Malaysia’s exports as well as dollar strength may just push the currency past that level. ....
The forex markets commenced the week on a relatively quiet note, despite generally positive risk sentiment. This was highlighted by Japan's Nikkei, which continued its impressive performance, breaking above 35k mark to reach new three-decade highs. The robust momentum could continue until the eagerly awaited BoJ meeting later in the month, where fresh economic forecasts are set to be revealed. ....
Chinese Yuan's significant selloff in Asian session today had a ripple effect across several major currencies, dragging down Japanese Yen, Australian Dollar, and New Zealand Dollar. This movement was largely spurred by concerning data from China indicating deepening deflation, which also negatively impacted Hong Kong's stock market. Yuan's future trajectory now hinges critically on a series of Chinese economic data scheduled for release later this week, making it a focal point for market analysts and investors in the region. ....
Japanese Yen continues to weaken, accelerating its decline in today's Asian session and edging closer to a multi-decade low against Dollar. The market appears to be gaining confidence that Japan will not intervene at this stage, despite the steep and extended depreciation. But the country's approach to currency intervention remains shrouded in typical discretion. So, it's "never say never" regarding the timing of intervention. ....
The beginning of the week is marked by heightened risk aversion and increasing geopolitical uncertainties, primarily stemming from escalating conflicts in the Middle East. The upswing in geopolitical tensions is casting a shadow, prompting a noticeable shift towards safe-haven assets like gold, oil, safe-haven currencies. Japanese Yen emerges as the strongest contender in Asian session, exhibiting resilience even as Japan observes a bank holiday. Canadian Dollar, buoyed by a resurgence in oil prices, and Dollar and Swiss Franc, are also riding the wave of risk aversion. Conversely, Australian and New Zealand Dollars find themselves on shaky ground, echoing the vulnerability of Euro and Sterling amid the prevailing unrest. ....