Daily Market Report (29 May 2019)
- Based on the US Treasury semi-annual foreign exchange report, Trump administration has not labelled China as currency manipulator, this is likely to ease some tensions on the on-going trade war between US and China. However, there are five new countries added onto the watch list and this includes Malaysia.
- Our currency MYR has been weakening due to host of factors such as outflow of foreign funds, cut in overnight policy rate (OPR) and highly correlated with Chinese RMB currency. We feel this is unlikely to have any major impact on our equity market.
