Traders expect OPR to be kept at 3%

The anticipated rate-hold by Bank Negara was strengthened after the recent releases of weak Malaysian data, comprising the July consumer price index (CPI) and 2Q23 GDP.

GLOBAL bond market movement was generally mixed in the week. Longer maturity global bonds, encompassing tenors of 10-year and longer, posted gains.

Bond yields, which move in the opposite direction of bond prices, fell on these longer maturities, aided by releases of global inflation data which were in line with expectations, as well as weaker-than-expected US second quarter gross domestic product (GDP) (2Q23), and lower-than-expected US job openings.