Daily Archives: March 10, 2016


Ringgit opens higher against main currencies


  • The ringgit opened higher against the US dollar Thursday morning on improved demand and in line with the recovery of oil prices.
  • At 9.11 am(0111GMT), the local unit was quoted at 4.1185/1245 to the US dollar against 4.1250/1349 at 5 pm(0900GMT) on Wednesday.
  • Bank Negara Malaysia’s decision to maintain the overnight policy rate at 3.25 per cent at its Monetary Policy Committee (MPC) meeting yesterday also helped the ringgit’s position.
  • Meanwhile, the ringgit also strengthened against other major currencies.
  • It appreciated against the Singapore dollar to 2.9769/9834 from 2.9788/9863 Wednesday and rose against the euro to 4.5238/5316 from 4.5272/5397.
  • It was also higher against the British pound at 5.8483/8593 from 5.8633/8786 and advanced against the yen to 3.6338/6400 from 3.6660/6758.

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Palm oil stocks fell 6pct in February


  • Malaysia’s total palm oil stocks in February 2016 fell 6.05% to 2.17 million tonnes versus 2.31 million tonnes registered in January 2016, said the Malaysian Palm Oil Board (MPOB) in a statement.
  • Crude palm oil (CPO) stocks for February 2016 declined 3.94 per cent to 1.25 million tonnes against 1.30 million tonnes recorded for January.
  • Processed palm oil stocks eased 8.78 per cent to 918,300 tonnes in February, it said.
  • Total CPO production dropped 7.70 per cent to 1.04 million tonnes in February from 1.13 million tonnes registered a month earlier.
  • MPOB also said exports of biodiesel rose in February while exports of palm oil fell last month.
  • For February 2016, exports of biodiesel rose 17,447.58 per cent to 10,618 tonnes versus 61 tonnes but palm oil exports eased 15.16 per cent to 1.09 million tonnes against 1.28 million tonnes recorded in January, it said.
  • Imports of CPO increased 126.81 per cent to 15,884 tonnes compared with 7,003 tonnes while total palm oil imports appreciated 84.44 per cent to 67,583 tonnes.

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Comex Trading Signals and Market News – 10 March 2016


  • Oil prices struggled for direction in choppy trade during European morning hours on Wednesday, as market players looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer.
  • Gold futures were lower in European trade on Wednesday, as the dollar strengthened against the euro amid expectations the European Central Bank will almost certainly ease monetary policy this week. The dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.2% to 97.36 during European morning hours, bouncing off the prior session’s more than two-week low of 96.88.
  • Natural Gas futures retreated in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity as forecasts for warmer weather across the US in the coming days threatened to curtail the demand for the heating fuel.


  • The German economy will grow at a slightly slower pace this year and next compared to 2015, the German banking association (BdB) said on Wednesday, citing a slowdown in China and other emerging markets as well as low oil prices as risk factors.The BdB said it expects Europe’s largest economy to grow by 1.6 percent this year and 1.5 percent in 2017, down from 1.7 percent last year.
  • The Bank of Japan is set to hold off cutting interest rates at next week’s rate review, sources say, as it scrambles to soothe market jitters caused by January’s surprise decision to adopt negative interest rates.Markets are rife with speculation the BOJ will expand monetary stimulus in coming months to reflate a stagnant economy, after January’s move failed to boost stock prices or arrest an unwelcome rise in the yen.
  • Assets of China’s sovereign wealth fund are not included in the country’s foreign exchange reserves and do not impact China’s reserves, China’s FX regulator said on Wednesday.China has ample FX reserves, the State Administration of Foreign Exchange said on its official microblog.


  • BUY GOLD APR ABOVE 1263 TARGET 1268 1274 SL 1258
  • SELL GOLD APR BELOW 1254 TARGET 1249 1243 SL 1259

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Stacks of coins with the word FOREX isolated on white

IForex Market Trading Signals and News – 10 March 2016


  • Forex -Aussie holds steady, kiwi moves lower vs. greenback
  • Forex -Euro lower as ECB easing expectations weigh
  • Forex -Yen back in favour as China data hurts appetite for risk

EUR/USD is currently trading with a bearish bias. The rebound from 1.1024 invalidated the anticipated upward rally towards 1.1338, meaning, as long as the level 1.1024 is not violated, we will remain short with our ultimate target at 1.073, a break below this support would mean we are headed further short with the next ideal target at 1.05451. Ideally, in the next few days, we expect to complete the three wave cycle with the black wave (c) ending on either 1.0732 or 1.05451.In case of a violation of the level 1.1024, we will wait for a breakout above 1.1056 to continue long with our ideal target at 1.1338.

GBP/USD is currently trading with a slight bearish bias. Unfortunately, our short-term support 1.42119 was broken and the price is currently rallying below it. We expect the price to rebound from the lower supportive trend line to mark the end of the black wave (4) and to signal the unfolding of wave (5) with an ultimate target at 1.4395. A break below lower supportive trend line will push wave (4) lower to 1.4065 from where we will be looking to go long upon a clear rebound. Pound should be traded alongside, EUR/JPY and GBP/JPY. These pair have a strong positive correlation of up to +0.83 and are thus expected to have a similar price action.


  • BUY GBP/USD ABOVE 1.4018 TARGET 1.40381.4068 SL 1.3988
  • SELL GBP/USD BELOW 1.3950 TAGET 1.3930 1.3900 SL 1.3980

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Financial Klse Malaysia Stock Market Trading Picks And News – 10 March 2016


  • The FBM KLCI index lost 1.51 points or 0.09% on Wednesday. The Finance Index fell 0.39% to 14284.22 points, the Properties Index up 0.13% to 1134.21 points and the Plantation Index rose 0.18% to 7854.01 points. The market traded within a range of 9.42 points between an intra-day high of 1686.35 and a low of 1676.93 during the session.
  • Actively traded stocks include AAX-WA, AAX, AIRASIA, XOX, SUNZEN-WB, EKA, HSI- HT , CHINHIN, SKH and SONA-WA. Trading volume decreased to 1826.93 mil shares worth RM1900.66 mil as compared to Tuesday’s 2005.63 mil shares worth RM2065.80 mil.
  • Leading Movers were GENTING (+33 sen to RM8.68), MISC (+15 sen to RM8.85), GENM (+5 sen to RM4.29), YTL (+1 sen to RM1.59) and HLBANK (+8 sen to RM13.18). Lagging Movers were PETCHEM (-13 sen to RM6.73), MAXIS (-8 sen to RM6.30), WPRTS (-4 sen to RM4.00), MAYBANK (-8 sen to RM8.70) and UMW (-6 sen to RM6.97). Market breadth was positive with 446 gainers as compared to 341 losers.
  • The KLCI ended marginally lower at 1686.35 points amid overnight losses in Wall Street. Market breadth was negative as investors were cautious on absence of fresh positive leads.


  • BUY SARAWAK CABLE ABOVE 1.580 TARGET 1.620 1.680 SL 1.520

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