Daily Market Report (9 August 2019)
- Trump’s itchy fingers continued as he now targets the Feds reluctance to cut rates further as the main reason for the relatively strong USD. In view of this, we can expect the USD to depreciate as a counter action for the weakening Chinese Yuan.
- Meanwhile, we reckon this should be positive for regional currencies and are maintaining our stance that the MYR to re-test the RM4/USD1 by year end. Maybe this is also the precursor for foreign investors to relook at the emerging markets.
- On the local front, we expect the FBM KLCI to be flattish with some upside bias as investors may not be willing to commit over the extended weekend.
