Currency
Market Commentaries
Team: Salyahrinah DP Hj Yahya, On Swee Long, Hiew Tzee Yin,
Lai Jyh Yih and Diana Han Yee Theng
Telephone: 2233668 / 2241723
The US dollar rallied as the US and global outlook had worsened with investors pulling money out of commodities, stocks and high yielding currencies and parked it in safe-haven assets such as US Treasuries. This is in light of worries of the Eurozone and Japan falling into recession in the third quarter, fretting investors to seek safety and as US data showed sharp decline in home prices as well as producer prices.
Sterling was a shade lower after UK inflation data undershot expectations, putting downward pressure on UK yields and implied interest rates.
The New Zealand dollar was broadly unchanged as it continued to follow ups and downs of equity markets, which are acting as a barometer of risk appetite; and global growth outlook to continue to be main influences.
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