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KUALA LUMPUR: AmBank Research expects volatility on Bursa Malaysia to remain strong driven by the global spread of the Covid-19 coronavirus and the collapse of the Pakatan Harapan (PH) government.
Amid a short working week in conjunction with President’s Day, the dollar climbed 0.75% to 99.865, marking a near three-year high. The broad strength in the dollar was supported by demand for safe-haven assets in view of the coronavirus conundrum.
Separately, the Fed’s Powell in his testimony acknowledged the rising risk of coronavirus (Covid-19) while viewing the underlying strength of the US economy, added with a series of rate cuts last year, is appropriate to withstand the rising challenges on the external front.
The dollar surged by 1.14% to 98.496 largely underpinned by stronger economic data, signalling that the US economy remains resilient despite concerns over slower global growth.
PETALING JAYA: Heng Huat Resources Group Bhd executive chairman Ooi Chieng Sim has been remanded by the police to assist with investigations pertaining to developments surrounding ATTA Global Group Bhd, in which Ooi is also the executive chairman.
IT was an eventful week in the US markets as the much awaited “phase one” trade deal between the US and China was officially signed at the White House on Wednesday, de-escalating their 18-month conflict.
THE cognoscenti of international economics are once again agape, and not in a flattering way, at the budget surpluses Germany’s government keeps running, when instead it should be stimulating the economy with tax cuts and higher spending. The surplus revealed this week for 2019, at 13.5 billion euros (US$15bil), is the fifth in a row, and the biggest ever.
The dollar appreciated 0.63% to 97.45 largely driven by resilient economic data which includes December’s The Institute of Supply Management (ISM) non-manufacturing purchasing managers’ index (PMI) coming in better than expected, accelerating to a four-month high of 55.0 from 53.9 in November (cons: 54.5) supported by higher production and inventories, and rising optimism over a potential trade resolution.