Ringgit end 3 days of losses and 3rd Quarter grow is slower than last quarter.

Malaysia’s ringgit halted a three-day losing streak after Greece was given more time to cut its budget deficit, allowing aid to keep flowing to the country and boosting demand for riskier currencies. Sovereign bonds advanced. European leaders on Nov 12 granted Greece until 2016 to reduce the shortfall to two per cent of gross domestic product.

A report this week will show Malaysia’s economy expanded for a 12th quarter in the three months through September, according to a Bloomberg survey. US President Barack Obama meets Democratic and Republican leaders in Congress this week to discuss ways to avoid the so-called fiscal cliff of US$607 billion in automatic budget cuts and tax increases set to take effect in January.

“If there was any positive news, it would have come from Europe because Greece got an extension,” said Nizam Idris, head of Asian fixed-income and foreign-exchange strategy at Macquarie Bank Ltd in Singapore. “The market is waiting for how things pan out in the discussion to avert the fiscal cliff.”

The ringgit climbed 0.1 per cent to 3.0622 per dollar from Nov 12 as of 9:09 a.m. in Kuala Lumpur, according to data compiled by Bloomberg. The market was shut yesterday for a public holiday. One-month implied volatility, a measure of exchange-rate swings used to price options, rose 17 basis points to 5.47 percent.

Malaysia’s economy probably grew 4.8 percent in the third quarter, compared with 5.4 percent in the preceding three months, according to the median forecast of economists ahead of official figures due Nov 16. Government bonds advanced. The yield on the 3.314 per cent notes due October 2017 declined one basis point, or 0.01 percentage point, to 3.19 percent, according to Bursa Malaysia. – Bloomberg
Source: Business Times

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