MAS Monetary Policy Statement shifts to neutral today. This is an important signal for the forex market given the ‘coincidence’ last time such a decision was made was in October 2008.
GBPUSD trades below key level that it has never closed below at year end since 1986. Is this the first successful break in 30 years or compelling generational low to long term investors? And then the other is AUDCHF.
Investments choices to consider for bullish view of crude oil. A list of ETFs or Exchange Traded Funds is include. Also highlighted factors to consider.
Once China published CFETS RMB Index, it becomes clear why they have to devalue Renminbi. 12 currencies named in the index have been devaluing since 2011.
1. USDMYR at Asian Financial Crisis level. 2. Ringgit ranked 6th constituent in RMB index. Ringgit lost half its value to USD since 2011. USDMYR now at 4.3115.
IMF announces inclusion of the Chinese Renminbi to the SDR basket. There will be a new forex dynamic as funds re-allocate their foreign reserves.
PBOC’s Yuan devaluation is 2 years late. Despite big hooha, PBOC has maintained a very stable exchange rate with the greenback. Biggest culprit is Japan.