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Sep 2017 20

Bank Negara to issue guidelines on cryptocurrencies

KUALA LUMPUR: Two weeks after the Securities Commission issued a stern warning to investors putting money into cryptocurrencies, Bank Negara has now said it will be issuing its guidelines on the issue by year-end.Bank Negara...

KUALA LUMPUR: Two weeks after the Securities Commission issued a stern warning to investors putting money into cryptocurrencies, Bank Negara has now said it will be issuing its guidelines on the issue by year-end.

Bank Negara governor Tan Sri Muhammad Ibrahim has been looking into the matter and the details, as the new form of currency has attracted a lot of attention around the globe.

“We hope to come out with guidelines on cryptocurrencies before the end of the year: in particular, those relating to anti-money laundering and terrorist financing. We want to ensure that there are clear guidelines for those who want to participate in this sector,” he said on the sidelines of the Global Symposium on Development Financial Institutions.

The central bank last commented on cryptocurrencies more than three years ago when a statement was issued on Jan 2, 2014 saying that bitcoin was not recognised as legal tender in Malaysia, and that it did not regulate the operations of bitcoin.

“The public is, therefore, advised to be cautious of the risks associated with the usage of such digital currency,” it had earlier said.

China clamped down on bitcoin recently, with news wire reports saying that the second-biggest economy in the world had seen several large bitcoin exchanges closing down after the government there banned fundraising using the cryptocurrency.

Meanwhile, Muhammad reiterated that the ringgit should always be reflective of Malaysia’s economic strength and fundamentals.

“What is important is not so much the level of the ringgit, but that the ringgit must reflect the economic strength of Malaysia. If economic growth and inflation are under control, then the exchange rates should reflect that,” Muhammad said.

He said a company’s competitiveness should not be solely derived from exchange rate weakness and should also be measured on other factors.

“It is very important that the ringgit reflects our fundamentals. We have been very clear to the cooperations that they should not just rely on the exchange rate for competitiveness. They should (also) rely on productivity and innovation to sell to others and cannot just rely on exchange rates when marketing abroad,” Muhammad said.

He also said the central bank was monitoring closely inflation levels, given the rising local petrol prices.

“The inflation numbers that we saw in the last monetary policy committee meeting is still within projections. Inflation numbers are very much dependent on global oil prices, and so far, we do not expect this to increase at such a rate that would have implications on inflation rate projections, not yet,” he said.

“But we are always keeping an open mind. As the data comes in, we will look at the implications on inflation and we will certainly disseminate this information as it comes in,” he added.

He said that with economic growth being entrenched and inflation sitting within the expected range, it gives Bank Negara a little room for flexibility in terms of policy formation.

“The next meeting is in early November and we will look at the data again to see where we should position the economy. It is very important that our interest rate levels must be at a level that would promote growth and ensure inflation is managed strongly,” Muhammad said.

In his speech, Muhammad said properly structured development institutions could be a potent agent of change for private-sector investment, drive growth and forge inclusive societies.

He said that more than ever today, development financial institutions needed to step up to promote new growth areas.

“They should perform a broader role to stimulate economic activity that would not otherwise take place. They could also improve the quality and scale of such activities. They can provide unique value propositions in terms of advisory and nurturing new growth sectors to become profitable, and thus, attractive for private investors,” he said.

He highlighted the rise of the Korean cultural phenomenon known as the Korean Wave or “Hallyu”, now a new growth area for the Korean economy, with the exports of culture content, including films and music, at an estimated value of US$83.2bil.

“This extraordinary rise of the Korean Wave can be attributed to the growth of investment in the creative industry. The industry was boosted by the government’s strategy to prioritise the sector as an engine of growth after the Asian financial crisis,” he said.

“The Korean government had earmarked 1% of the national budget for development financial institutions to kickstart the sector. Following their footsteps, domestic conglomerates like Samsung and Daewoo started investing in film financing and video production,” Muhammad added.

He said this example showed that development financial institutions were the first to spearhead investments in the film and music industry.

“At that time, commercial banks did not have the capability to assess the viability of the industry, nor accept the intangible assets offered as collateral. It was only much later, when the industry recorded healthy profits, that private investments followed,” he said.

“The success speaks for itself. Between 2008 and 2011, private domestic and foreign investments in the culture content industry had quadrupled to more than US$157mil,” he added.

Source: The Star

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Sep 2017 8

SC cautions investors over initial coin offering risks, public urged to seek legal advice

PETALING JAYA: Following pronouncements of initial coin offerings or ICOs by regulators in many parts of the world, the Securities Commission (SC) has issued a statement cautioning investors on the potential risks involved...

PETALING JAYA: Following pronouncements of initial coin offerings or ICOs by regulators in many parts of the world, the Securities Commission (SC) has issued a statement cautioning investors on the potential risks involved in these schemes.


The regulator reminded ICO scheme investors to seek legal or other professional advice to address any doubts on the legitimacy of such schemes, seeing that the terms and features of ICO schemes may differ across cases.

“Investors should take note that scheme operators may not have a presence in Malaysia.


“Hence, it would be difficult to verify the authenticity of the scheme and the recovery of foreign-invested monies may be subject to foreign laws or regulations,” said the SC.

 

An ICO is a fund-raising exercise that raises capital via digital tokens, in exchange for rights to a future product or service, share of returns from the project or new cryptocurrency ventures.


ICOs seem to be not under any regulations of financial authorities, and are also referred to as initial token offerings, token pre-sale and token crowd-sale. Investors pay for digital tokens issued and sold by ICO scheme operators, typically via other virtual currencies like Bitcoin and Ethereum.


The SC also added that since some of the ICO schemes operate online and may not be regulated, investors may be exposed to heightened risks of fraud, money laundering and terrorism financing.


“Investors should fully understand the features of an ICO scheme, and carefully weigh the risks before parting with their monies.

“For example, investors should be aware that ICO scheme operators issue a whitepaper, which typically contains descriptions of the ICO scheme, but may also carry disclaimers that absolve the operators from certain responsibilities and obligations,” the SC said.


This week, the People’s Bank of China banned fundraising by way of token-based digital currencies, deeming the practice illegal.


The Chinese central bank’s move to ban ICOs is one of the strongest regulatory challenge to date.

Following the move by China, the Hong Kong Securities and Futures Commission (SFC) said digital tokens invested in an ICO that distributes a share of returns in the scheme to its investors shall be regarded as securities.


Hence, such ICO schemes and the secondary trading of ICO digital tokens shall be subject to Hong Kong securities laws.

Hong Kong SFC’s stance on ICOs follows its US counterpart, the Securities and Exchange Commission (SEC), which said

ICOs can be considered as securities and that federal securities law apply to those who issue securities in the US, regardless of the securities being transacted in virtual currencies or US dollars, and regardless of the securities being allotted via distributed ledger technology or certificates.


As for Singapore, the Monetary Authority of Singapore (MAS) has issued an investor warning, advising the public to “exercise due diligence to understand the risks associated with ICOs and investment schemes involving digital tokens”.

MAS also suggested that consumers should check if the entity issuing ICOs is regulated by it. This follows a previous MAS statement highlighting that certain forms of token sales can qualify as securities offerings, similar to the SEC’s standpoint.


In addition, the SC noted that the other risks involved in ICO schemes include risks of insufficient liquidity or volatile and opaque pricing of digital tokens traded on a secondary market, as well as limited legal protection and recourse for investors against scheme operators, due to the structure of the schemes.

 

Source: The Star

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Sep 2017 6

BNM to regulate e-KYC remittances, new standards by October

KUALA LUMPUR: Bank Negara is planning to regulate electronic Know-Your-Customer or e-KYC processes for remittance transactions, with the new standards to be finalised by October this year. This will pave the way for an...

KUALA LUMPUR: Bank Negara is planning to regulate electronic Know-Your-Customer or e-KYC processes for remittance transactions, with the new standards to be finalised by October this year.

 

This will pave the way for an industry-wide implementation of e-KYC for remittance transactions in the country, and remove the existing requirement for face-to-face verifications.

KYC is defined as the process of a business, or a financial institution verifying the identity of its clients, while e-KYC is the electronic and paperless method of doing this, without the customer having to fill in forms or any data entry. 

BNM assistant governor Jessica Chew Cheng Lian said the central bank would soon be issuing the proposed regulatory parameters for the conduct of e-KYC processes for remittance transactions 

"We expect to finalise the standards for e-KYC by October after receiving industry comments.  

"Following this, the existing requirement for face-to-face verifications for onboarding new customers will be removed for companies that have received approval to conduct e-KYC," she said in her keynote speech at the Money Services Business Asia Pacific Conference 2017 on Tuesday.

Earlier this year, BNM Governor Datuk Muhammad Ibrahim had expressed his hope to operationalise an industry-wide implementation of e-KYC for the on-boarding of customers by 2018.


Source: The Star

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Sep 2017 5

KLCI starts September on strong footing

KUALA LUMPUR: Blue chips kicked off September on a firm note early Tuesday after the long break as the FBM KLCI rose to 1,780, powered by gains in Tenaga Nasional, Axiata and Sime Darby but wether it can hold on to the gains...

KUALA LUMPUR: Blue chips kicked off September on a firm note early Tuesday after the long break as the FBM KLCI rose to 1,780, powered by gains in Tenaga Nasional, Axiata and Sime Darby but wether it can hold on to the gains due to weaker key Asian bourses remains to be seen.

At 9.24am, the KLCI was up 3.18 points or 0.18% to 1,776.32. Turnover was 354.11 million shares valued at RM195.84mil. There were 220 gainers, 236 losers and 233 counters unchanged.

However, other key Asian markets were under pressure on Tuesday after a global selloff the previous day in the wake of North Korea's most powerful nuclear test at the weekend, while safe havens such as gold remained firm, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.05% having shed 0.8% the previous day, with South Korea's Kospi off 0.1% after sliding to three-week lows on Monday. Japan's Nikkei ticked down 0.2%.

At Bursa Malaysia, Tenaga jumped 24 sen to RM14.52, Axiata 16 sen to RM5.09, Sime Darby 14 sen to RM9.14. PPB Group and MAHB added 12 sen each to RM16.80 and RM9.12.

Among the consumer stocks, BAT rose 30 sen to RM44.48, Kawan Food added 22 sen to RM3.60 and Heineken 14 sen to RM18.94. Ajinomoto fell RM1.14 to RM20.10.

 

Petron Malaysia added  19 sen to RM9.07 and Hengyuan 12 sen to RM7.64.

Hong Leong Bank fell 24 senn to RM15.20 and CIMB 23 sen to RM6.85 on profit taking.

China stocks were among the most active with Sino Huann extending its gains from last week, up 3.5 sen to 19 sen with over 69 million shares done, HG Global 3.5 sen to 12.5 sen and CSL 0.5 sen to 4.5 sen.

However, Hong Leong Investment Bank (HLIB) Research cautioned that with the extended concerns over the North Korea issue, it expects market volatility to heighten. 

At the same time, investors should focus on the upcoming events such as European Central Bank meeting on Thursday and FOMC meeting on Sept 20-21.

“Meanwhile, on the local front, we think the market could be trending on a downward bias mode following the events over the weekend. 

“Nevertheless, buying support may emerge on stocks with better-than-expected corporate results that were released last week. The KLCI's trading range may be located between 1760-1,790 levels this week,”  said HLIB Research.

 

Source: The Star

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Aug 2017 30

SC bans seven foreigners and corporations from trading on Bursa

PETALING JAYA: Seven foreign individuals and corporations have been permanently barred from trading in any counter on Bursa Malaysia due to their role in the manipulation of Iris Corp Bhd shares in 2006. In a...

PETALING JAYA: Seven foreign individuals and corporations have been permanently barred from trading in any counter on Bursa Malaysia due to their role in the manipulation of Iris Corp Bhd shares in 2006.
 

In a statement yesterday, the Securities Commission (SC) said the High Court had ruled in favour of the capital market regulator against six foreign defendants in the manipulation case, thus ending the civil suit filed by the SC in 2008.
 

The outcome yesterday followed the High Court’s earlier decision in June in favour of the SC against another defendant in the suit, Richard Benjamin Cohen, for his role in the same case.
 

Cohen, a former research analyst at Aeneas Capital Management LP, was also ordered to pay the SC RM50,000 in costs.

 

Effectively, Cohen, together with the six defendants in the case, namely Aeneas Capital Management LP, Priam Holdings Ltd, Aeneas Portfolio Company LP, Acadian Worldwide Inc, Thomas R. Grossman and John Suglia, would be barred from trading in any counter on Bursa.
 

All seven defendants were found to have conspired to manipulate the share price of Iris in breach of sections 84(1), 85(1)(a) and 87A of the Securities Industry Act 1983.
 

Iris, a manufacturer of smart cards for electronic passports and electronic identification cards was at the material time listed on Bursa. The company is still listed on the stock exchange.
 

The SC said that the defendants had colluded in the manipulation of the Iris shares over a period of 44 days.
 

The manipulation had caused the price of the shares to rise from eight sen to a closing high of RM1.36 per share with an average of 200 million shares being traded daily over that period.


Source: The Star

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Aug 2017 28

Asian stocks, oil rise; Euro surges to two-and-a-half year high

SINGAPORE: The euro hit a 2 1/2-year high early on Monday after European Central Bank President Mario Draghi refrained from talking down the single currency, while oil prices rose after Hurricane Harvey struck at the heart...

SINGAPORE: The euro hit a 2 1/2-year high early on Monday after European Central Bank President Mario Draghi refrained from talking down the single currency, while oil prices rose after Hurricane Harvey struck at the heart of the U.S. energy industry.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 percent, and Japan's Nikkei advanced 0.2 percent.

S&P E-mini futures <ESc1> slipped slightly.

Speaking at the U.S. Federal Reserve's annual conference in Jackson Hole, Wyoming, Draghi said the ECB's ultra-easy monetary policy was working and the euro zone's economic recovery had taken hold, but didn't cite the common currency's strength as a concern or discuss monetary policy specifically.

 

The euro <EUR=EBS> rose to as high as $1.9665 early on Monday and was last up 0.3 percent at $1.1955, extending Friday's 1 percent jump.

"The EUR bulls will feed off anything they can get that suggests a less accommodative stance going forward," Chris Weston, chief market strategist at IG in Melbourne, wrote in a note.

The dollar was slightly lower at 109.29 yen, adding to Friday's 0.2 percent slide after Federal Reserve Chair Janet Yellen, speaking at the same event as Draghi, also failed to address policy, focusing more on financial stability.

Yellen's remarks disappointed some investors who had hoped for hints on the Fed's plans for interest rates.

The 10-year U.S. Treasury yield <US10YT=RR> closed at 2.171 percent on Friday, from Thursday's 2.194 and further undermining the dollar's yield appeal.

But lower bond yields helped give stocks a slight boost, with the Dow <.DJI> and the S&P 500 <.SPX> both ending about 0.15 percent higher on Friday, although the Nasdaq <.IXIC> closed about 0.1 percent lower.

Investors see a 40.7 percent chance of a rate hike by the Fed in December, down from 45.6 percent a month ago, according to the CME FedWatch tool.

Brent <LCOc1>, the global crude oil benchmark, rose 0.6 percent to $52.72 a barrel, adding to Friday's 0.7 percent increase.

U.S. oil <CLc1> pulled back slightly to $47.82, after Friday's 0.9 percent gain.

The U.S. Gulf Coast, which includes Texas, is home to nearly half the United States's refining capacity, and the reduced output could affect gasoline supplies across the U.S. Southeast and other parts of the country.

Operators had shut down several refineries and evacuated offshore platforms last week as the storm crossed the Gulf of Mexico.

Spot gold <XAU=> crept up 0.15 percent to $1,293.04 an ounce early on Monday, extending Friday's 0.4 percent gain. - Reuters
Read more at http://www.thestar.com.my/business/business-news/2017/08/28/asian-stocks...

Source: The Star

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Aug 2017 14

Gradual steps to control shadow banking problem

DEALING with the 26.7 trillion yuan shadow banking industry in China, which falls out of the balance sheets of banks, may require tougher measures but the fear is that it may trigger huge risks.“True deleveraging will...

DEALING with the 26.7 trillion yuan shadow banking industry in China, which falls out of the balance sheets of banks, may require tougher measures but the fear is that it may trigger huge risks.

“True deleveraging will require some painful steps, such as denying businesses new funding, letting more companies fail and accepting the potential increases in unemployment that result.

“That won’t be fun for anyone, but it will signal – as nothing else has – that China is finally serious about these problems,’’ said Bloomberg.

The current gradual approach to tackle this massive “bubble” is viewed as a way to avoid overadjustment that can derail growth.

 

“The risk in shadow banking is much higher as it cannot be controlled via standard tools of monetary policy, and the government is unable to help if players get into trouble.

“These players have no direct access to the money market; they can grow very big and resort to unsound levels of leverage, as there are no minimum capital requirements.

“They are too big to fail, and yet outside the reach of the central bank. Essentially, they are constrained by the extent to which others are willing to let them have access to money,’’ said Pong Teng Siew, head of research, InterPacific Securities.

 

Wealth management products (WMPs), which offer much higher yields than traditional bank deposits, have seen their popularity crimped.

“The regulatory crackdown this year – mostly in the form of more stringent guidelines on use of financial products – has seen the amount of WMPs outstanding taper off from a peak in April.

“In July, the bank watchdog is said to have told some lenders to cut the rates they offered on the products,’’ noted Bloomberg.

Shadow financing, a factor behind China’s property-price surge, has also come under the hammer. Regulators this year banned private-equity lending to developers for land purchases and banks were told in March to submit reports on their entrusted investments – funds that Chinese lenders farm out to external asset managers.

In the area of repurchase agreements (repos), where participants can get cash for set periods, a key tool to rein in borrowing was to boost funding costs in the money market. The amount of repos outstanding has come off since reaching a peak at the end of June, said Bloomberg.

Gradual approach

“The authorities are expected to adopt a measured approach to restrain shadow banking to avoid over-adjustment via dampening of consumption and investment,’’ said Lee Heng Guie, executive director, Socio Economic Research Centre.

Growth in money supply (M2) has paced to a record low of 9.6% in May, said Lee, adding that the authorities are expected to step up regulations to curb risks.

M2 is a measure of money supply that includes cash, checking deposits, savings deposits, money market securities, mutual funds and other time deposits.

“China has been addressing this issue quite seriously but tactfully. Any drastic move will trigger systemic risks as the size of the sector is huge,’’ said Danny Wong, CEO, Areca Capital.

“It will be a delicate balancing act for China, which is determined to address economic imbalances via measures to deleverage.

“But these steps have to be taken in such a way that they do not pose a significant threat to the growth trajectory. This reflects its deep concern over possible repercussions, should the economy start to get unhinged,’’ said Nor Zahidi Alias, chief economist, Malaysian Rating Corp.

 

Source: The Star
 

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Aug 2017 10

Ringgit volatility rises before U.S. CPI report

KUALA LUMPUR: A gauge of anticipated ringgit volatility rises for a second day before a U.S. inflation report on Friday that may provide guidance about when the Fed will resume raising interest rates.* 1-month implied...

KUALA LUMPUR: A gauge of anticipated ringgit volatility rises for a second day before a U.S. inflation report on Friday that may provide guidance about when the Fed will resume raising interest rates.

* 1-month implied volatility for US/MYR climbs 1bp to 5.72%

* USD/MYR little changed at 4.2847 after rising 0.2% Monday

** Support 4.2760, 4.2663, 4.2505; resistance 4.3022, 4.3055, 4.3217

 

* Ringgit may come under pressure as a meeting between oil producers to address oversupply is likely to disappoint, says Sean Yokota, head of Asia strategy at Skandinaviska Enskilda Banken AB in Singapore


** Traders have reduced short US dollar positions after last week’s NFP report and this may continue if there’s a strong print in U.S. inflation data this Friday

Still, emerging markets remain attractive in the face of rising interest rates in the developed world as growth is holding up and inflation remains contained

Ringgit is among EM FX that Morgan Stanley favours, according to a report released Monday

Co. suggests using Europ to fund purchases of EM currencies as EM remains fundamentally in good shape and valuations look cheap against EUR

Malaysia’s 10-year goverment bond yield little changed at 4%

Foreign ownership of Malaysian sovereign and corporate debt securities fell 1.2% to RM192bil in July from previous month: central bank data showed late Monday
The souece


Although there’ll be sizable bond redemptions from August to October, there are unlikely to be significant maturity-driven outflows as foreign ownership of Islamic securities is low and holdings of other notes have been reduced, Winson Phoon, a fixed-income analyst at Maybank Investment Bank, wrote in note Monday

Second half will be challenging as external risks such as a change in market pricing on the pace of further Fed hikes may shift broad EM flow sentiment

Global funds bought net RM151.2mil of Malaysian stocks last week, a 4th week of purchases: MIDF Amanah Investment - Bloomberg

 

Source: The Star

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Aug 2017 7

Bank Negara international reserves rise to US$99.1bil

KUALA LUMPUR: Bank Negara international reserves rose US$300mil to US$99.4bil as at July 31, 2017 from US$99.1bil on July 14, 2017.The central bank said on Monday its reserves, in ringgit terms, rose to RM427bil from RM425....

KUALA LUMPUR: Bank Negara international reserves rose US$300mil to US$99.4bil as at July 31, 2017 from US$99.1bil on July 14, 2017.
The central bank said on Monday its reserves, in ringgit terms, rose to RM427bil from RM425.4bil as at July 14.

It said the reserves position was sufficient to finance 7.9 months of retained imports and was 1.1 times the short-term external debt.

The main components of the reserves are foreign currency reserves (US$93bil), International Monetary Fund reserves position US$800mil, Special Drawing Rights or SDRs (US$1.1bil), gold (US$1.5bil) and other reserve assets (US$3bil).

Source: The Star
 

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Jul 2017 26

Asia stocks inch up

TOKYO: Asian stocks edged up early on Wednesday after Wall Street indexes notched record highs, while the dollar was steady as investors awaited the Federal Reserve's policy decision later in the day for more clues on its...

TOKYO: Asian stocks edged up early on Wednesday after Wall Street indexes notched record highs, while the dollar was steady as investors awaited the Federal Reserve's policy decision later in the day for more clues on its tightening plans.

The Fed concludes a two-day meeting later on Wednesday, and is widely expected to keep interest rates unchanged.

With a rate hike not in the picture this time, the focus will be on the Fed's statement, with markets looking for signs of when the central bank will begin paring its massive bond holdings and next raise rates. A statement is expected at 1800 GMT.

"The stock markets are generally of a view that the Fed is not in too much of a hurry to normalize monetary policy. So equities would be able to take this Fed meeting in stride if the Fed's statement is in line with such views," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.

A more assertive policy message by the Fed, on the other hand, was expected to lift U.S. yields and boost the dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan, rose 0.1 percent, drawing support after the S&P 500 climbed to an all-time high overnight on well-received results from McDonald's and Caterpillar in addition to bank share gains.

Caterpillar's results smashed expectations and the company raised its full-year forecast for the second time, underscoring strength across its businesses and a steady recovery in demand from China.

South Korea's KOSPI stood little changed and Australian stocks rose 0.9 percent as investors awaited inflation data. Price pressures are expected to remain mild, which would add to views that rates will remain at record lows for some time to come.

Japan's Nikkei added 0.8 percent after the dollar extended an overnight rally against the yen to pull away from seven-week lows.

The U.S. currency was last traded at 111.980 yen for a gain of 0.1 percent.

The greenback was lifted as investors gained some hope that President Donald Trump could push through his expansionary fiscal agenda, after the Senate passed a motion to proceed on a repeal of Obamacare, which Trump and Republicans have vowed to undo.

The dollar also received support from a rise in U.S. Treasury yields. Long-dated Treasury yields jumped by the most in almost five months on Tuesday as Wall Street hit new highs and on reduced demand for safe-haven bonds. [US/]

The euro was 0.1 percent lower at $1.1638, pulling back from a two-year high of $1.1712 hit on Tuesday on a stronger-than-expected German Ifo business survey.

Expectations that the European Central Bank would begin phasing out its easy monetary policy sooner rather than later have supported the common currency this month.

The dollar index against a basket of major currencies was 0.1 percent higher at 94.144 , managing to put some distance between a 13-month low of 93.638 plumbed on Tuesday.

U.S. political uncertainty has recently hurt the dollar, with the Trump administration dogged by investigations into alleged Russian meddling in the U.S. election.

In commodities, crude oil extended its surge after jumping overnight on data showing a sharp fall in U.S. crude stocks last week.

U.S. crude rose 1 percent to $48.36 a barrel and Brent added 0.7 percent to $50.56 a barrel.

Gold struggled as improved investor risk appetite in the broader markets curbed the precious metal's appeal. Spot gold was 0.1 percent lower at $1,247.25 an ounce following its ascent to a one-month peak of $1,258.79 on Monday. 


Source: The Star

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