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Ringgit Jumps Most Since 1973 to Defy Bears as Oil Eclipses 1MDB
Ringgit Jumps Most Since 1973 to Defy Bears as Oil Eclipses 1MDB
by
Bloomberg News
Malaysia’s oil exports have turned the ringgit into Asia’s best-performing currency even as analysts say it’s the least attractive.Forecasters are...
Malaysia’s oil exports have turned the ringgit into Asia’s best-performing currency even as analysts say it’s the least attractive.
Forecasters are predicting the ringgit will weaken 8.4 percent this year for the biggest drop in the region, and some of them even see it falling beyond a 17-year low reached in September. The bearish calls peaked around the end of January, when Swiss investigators said a probe into state-owned 1Malaysia Development Bhd. revealed about $4 billion may have gone missing.
The ringgit has confounded those calls by surging 9.7 percent this quarter, the most in 43 years. Oil’s gains have been a big part of that -- crude accounts for 22 percent of Malaysian government revenue and the nation is Asia’s only major net exporter -- along with tax increases and spending cuts. Now 1MDB is adding to the upswing, with the state-investment fund agreeing to sell energy assets and pledging to repay 6 billion ringgit ($1.5 billion) of debt in the coming weeks.
As the Federal Reserve’s willingness to be gradual in raising interest rates drove emerging-market currencies toward their best month in 18 years, the ringgit came to the fore, reaching the highest in almost eight months of 3.9100 per dollar on Thursday.
Standard Chartered, with one of the most bullish of 27 forecasts compiled by Bloomberg, upgraded its second-quarter estimate to 4 per dollar from 4.30 on March 22. That’s based on projections Brent crude will rise above $60 a barrel by year-end and the Fed will keep interest rates on hold for 2016. And it compares with prognoses from three strategists for it to weaken past the level of 4.48 per dollar that it touched in September.
The ringgit’s climb has come even as Prime Minister Najib Razak faces calls from former leader Mahathir Mohamad to quit over $681 million that appeared in his accounts before the last election in 2013.
Strategists have trimmed their bearish ringgit forecasts by about 3.6 percent for the three months through June from the end of January, with the currency’s outlook largely resting on the sustainability of the rally in oil, gas and petrochemicals, which along with palm oil make up the biggest proportion of Malaysian shipments abroad after electronics. The nation’s exports grew at less than half the 10-year average in 2015, when the currency’s slide was compounded by the political scandal and 1MDB’s debt.
Oil Bottoming
Macquarie Bank Ltd., the most accurate forecaster for the ringgit last year in Bloomberg rankings, has a June 30 estimate of 3.90 per dollar. Nizam Idris, the bank’s head of foreign-exchange and fixed-income strategy in Singapore, said that’s more to do with potential weakness in the greenback than Malaysia’s fundamentals. The projection compares with the 4.25 median estimate in Bloomberg’s survey.
“Broadly, we feel that oil prices have bottomed and that is the key indicator,” said Mirza Baig, Singapore-based head of Asia Pacific currency and interest-rate strategy at BNP Paribas SA, who sees the ringgit continuing to trade around 4 per dollar. “The other positive factor is the resumption of inflows to emerging markets.”
RBC Bearish
Even after analysts raised their expectations for the currency, almost all are still calling for it to drop by year-end. Royal Bank of Canada is projecting a slide to 4.60 per dollar by June 30. That would exceed the low reached in September, when the Swiss announced a freeze on assets linked to 1MDB and the New York Times reported that a federal grand jury in the U.S. was investigating allegations of corruption linked to Najib. The prime minister and the state firm have consistently denied any wrongdoing.
Najib introduced a 6 percent goods and services tax in 2015 and also maintained his deficit-reduction target in January. The growth forecast was cut to 4 percent to 4.5 percent from as much as 5 percent.
1MDB raised 9.83 billion ringgit via the sale of its energy assets to China General Nuclear Power Corp. in March. The state-investment company won’t have any more short-term debt and bank loans after the debt repayments, President Arul Kanda said in an interview in Kuala Lumpur on Wednesday.
Najib maintains that the funds he received as a donation from Saudi Arabia’s royal family weren’t used for private benefit. Malaysia’s Attorney General Mohamed Apandi Ali cleared the premier of any wrongdoing in January, saying Najib returned $620 million in August 2013 that wasn’t utilized, without specifying what the rest of the money was used for.
Former premier Mahathir and ex-deputy prime minister Muhyiddin Yassin were among those who addressed more than 2,000 people at a convention center in the capital Kuala Lumpur on Sunday as part of a campaign to oust Najib.
“I would think a lot of the stability in the political situation has already been priced in,” said Trang Thuy Le, a Hong Kong-based macro strategist at Credit Suisse Group AG, which raised its three-month ringgit forecast in March to 4 per dollar from 4.30. “Given the dovish tone of the Fed, we think that the dollar will likely continue to drift in the coming months and, because of the energy prices, Malaysian exports could be more resilient than we thought initially.”
--With assistance from Naoto Hosoda To contact the reporter on this story: Liau Y-Sing in Kuala Lumpur at yliau@bloomberg.net. To contact the editors responsible for this story: Garfield Reynolds at greynolds1@bloomberg.net, Simon Harvey
Malaysia’s oil exports have turned the ringgit into Asia’s best-performing currency even as analysts say it’s the least attractive.
Forecasters are predicting the ringgit will weaken 8.4 percent this year for the biggest drop in the region, and some of them even see it falling beyond a 17-year low reached in September. The bearish calls peaked around the end of January, when Swiss investigators said a probe into state-owned 1Malaysia Development Bhd. revealed about $4 billion may have gone missing.
The ringgit has confounded those calls by surging 9.7 percent this quarter, the most in 43 years. Oil’s gains have been a big part of that -- crude accounts for 22 percent of Malaysian government revenue and the nation is Asia’s only major net exporter -- along with tax increases and spending cuts. Now 1MDB is adding to the upswing, with the state-investment fund agreeing to sell energy assets and pledging to repay 6 billion ringgit ($1.5 billion) of debt in the coming weeks.
As the Federal Reserve’s willingness to be gradual in raising interest rates drove emerging-market currencies toward their best month in 18 years, the ringgit came to the fore, reaching the highest in almost eight months of 3.9100 per dollar on Thursday.
Standard Chartered, with one of the most bullish of 27 forecasts compiled by Bloomberg, upgraded its second-quarter estimate to 4 per dollar from 4.30 on March 22. That’s based on projections Brent crude will rise above $60 a barrel by year-end and the Fed will keep interest rates on hold for 2016. And it compares with prognoses from three strategists for it to weaken past the level of 4.48 per dollar that it touched in September.
The ringgit’s climb has come even as Prime Minister Najib Razak faces calls from former leader Mahathir Mohamad to quit over $681 million that appeared in his accounts before the last election in 2013.
Strategists have trimmed their bearish ringgit forecasts by about 3.6 percent for the three months through June from the end of January, with the currency’s outlook largely resting on the sustainability of the rally in oil, gas and petrochemicals, which along with palm oil make up the biggest proportion of Malaysian shipments abroad after electronics. The nation’s exports grew at less than half the 10-year average in 2015, when the currency’s slide was compounded by the political scandal and 1MDB’s debt.
Oil Bottoming
Macquarie Bank Ltd., the most accurate forecaster for the ringgit last year in Bloomberg rankings, has a June 30 estimate of 3.90 per dollar. Nizam Idris, the bank’s head of foreign-exchange and fixed-income strategy in Singapore, said that’s more to do with potential weakness in the greenback than Malaysia’s fundamentals. The projection compares with the 4.25 median estimate in Bloomberg’s survey.
“Broadly, we feel that oil prices have bottomed and that is the key indicator,” said Mirza Baig, Singapore-based head of Asia Pacific currency and interest-rate strategy at BNP Paribas SA, who sees the ringgit continuing to trade around 4 per dollar. “The other positive factor is the resumption of inflows to emerging markets.”
RBC Bearish
Even after analysts raised their expectations for the currency, almost all are still calling for it to drop by year-end. Royal Bank of Canada is projecting a slide to 4.60 per dollar by June 30. That would exceed the low reached in September, when the Swiss announced a freeze on assets linked to 1MDB and the New York Times reported that a federal grand jury in the U.S. was investigating allegations of corruption linked to Najib. The prime minister and the state firm have consistently denied any wrongdoing.
Najib introduced a 6 percent goods and services tax in 2015 and also maintained his deficit-reduction target in January. The growth forecast was cut to 4 percent to 4.5 percent from as much as 5 percent.
1MDB raised 9.83 billion ringgit via the sale of its energy assets to China General Nuclear Power Corp. in March. The state-investment company won’t have any more short-term debt and bank loans after the debt repayments, President Arul Kanda said in an interview in Kuala Lumpur on Wednesday.
Najib maintains that the funds he received as a donation from Saudi Arabia’s royal family weren’t used for private benefit. Malaysia’s Attorney General Mohamed Apandi Ali cleared the premier of any wrongdoing in January, saying Najib returned $620 million in August 2013 that wasn’t utilized, without specifying what the rest of the money was used for.
Former premier Mahathir and ex-deputy prime minister Muhyiddin Yassin were among those who addressed more than 2,000 people at a convention center in the capital Kuala Lumpur on Sunday as part of a campaign to oust Najib.
“I would think a lot of the stability in the political situation has already been priced in,” said Trang Thuy Le, a Hong Kong-based macro strategist at Credit Suisse Group AG, which raised its three-month ringgit forecast in March to 4 per dollar from 4.30. “Given the dovish tone of the Fed, we think that the dollar will likely continue to drift in the coming months and, because of the energy prices, Malaysian exports could be more resilient than we thought initially.”
--With assistance from Naoto Hosoda To contact the reporter on this story: Liau Y-Sing in Kuala Lumpur at yliau@bloomberg.net. To contact the editors responsible for this story: Garfield Reynolds at greynolds1@bloomberg.net, Simon Harvey
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔