Author: Steven Sahiounie

Solid performance comes as cooling global demand is expected to weigh on export-oriented Southeast Asian economy. Malaysia’s economy picked up in the first quarter buoyed by firm domestic demand, central bank and government data showed on Friday. Gross domestic product rose 5.6 percent, according to Bank Negara Malaysia (BNM) and the Statistics Department, faster than the 4.8 percent annual expansion forecast by analysts in a Reuters news agency poll. In the fourth quarter of 2022, the economy had grown 7.1 percent, revised up from a previously announced 7.0 percent. Growth hit a 22-year high of 8.7 percent last year as…

Despite the looming debt ceiling crisis that has taken center stage in Washington in recent weeks, lawmakers haven’t forgotten about the other financial crisis this year: the March bank failures that set off turmoil in the regional banking sector. The US Senate Committee on Banking, Housing and Urban Affairs is holding three hearings this coming week centered around the collapses of Silicon Valley Bank and Signature Bank in March. The three hearings will take place from Tuesday through Thursday. Federal regulators were first called to answer questions about the bank collapses from the Senate Banking Committee and House Financial Services Committee in…

The White House and Republicans in Congress are locked in a dispute on a deal that would avert an unprecedented national default as early as June. US President Joe Biden remained unclear about his talks with Republicans on raising the debt ceiling, telling his press pool on Saturday they were “moving along” but are “not there yet.” “They are moving along,” Biden told the White House press pool, adding that there was “real discussion” but that negotiators were “not there yet.” “We’ve not reached the crunch point yet,” the US President said. He did not answer the question about the…

The Resolution Foundation, a UK-based think tank, says 1.6 million British households will face increases in mortgage payments. Around 1.6 million British households will face a £2,300 increase in mortgage payments after interest rates surged amid a current housing crisis in the UK, according to a report by Resolution Foundation. The UK-based think tank that examined living standards in the country said that around half of the 7.5 million households have seen changes in their mortgage payments so far, which is the direct result of the Bank of England (BoE) announced increases in December 2021 that mainly affected smaller borrowers and young…

The German sector, which in 2021 proved to comprise 17% of Germany’s GDP, is set to contract as more than 9,000 businesses are expected to shut down with Berlin facing a more difficult situation. Handlesverband Deutschland, the national retail association of Germany, announced that Germany’s retail sector will contract as approximately 9,000 shops and small businesses are expected to shut down throughout 2023. It is worth noting that figures from 2021 underscore that Germany’s retail sector accounts for 17% of its Gross Domestic Product (GDP). In a statement, the head of Handlesverband Deutschland, Alexander von Preen, said “In view of the figures…

The US dollar currently losing its reputation as the safest and most convenient currency in the world, warns Professor James Brander from the University of British Columbia. A Canadian academic affirms that the US dollar’s dominance over the world market is waning, pointing to a rising trend among international trading partners to use local currencies rather than the dollar.  James Brander, Professor at the University of British Columbia, said on Thursday that “the US dollar is the major reserve currency. Well, over half of all international currency reserves in the world are US dollar reserves. But the role of the US dollar…

Major US corn buyer China has been reducing imports from the country due to weak demand and cheaper supplies from Brazil, Bloomberg reported on Friday. Chinese buyers have reportedly canceled 832,000 tons of US corn orders in the past three weeks, while ramping up purchases from fellow BRICS member Brazil, which is projected to pass the US as the top exporter this year. According to the report, citing traders, US corn is now less competitive, with supplies from Brazil around $30 a ton cheaper for delivery in the third quarter. Weak domestic demand for corn as animal feed was also…

Food and energy are the main contributors to rising prices, according to official data Inflation in France accelerated in April, driven by a surge in energy prices, data published by the national statistics bureau Insee showed. Consumer prices rose by 5.9% last month on an annual basis, up from 5.7% in March, the new figures revealed. Energy price growth soared to 6.8% in April after a 4.9% increase in March, mainly due to rising fuel costs. Meanwhile, the increase in gas prices eased from the March reading of 35.6%, coming in at 22.9% higher year-on-year in April. Food…

The G7 and EU could prohibit the resumption of Russian gas imports on routes where Moscow has cut off supplies in response to sanctions related to the Ukraine conflict, the Financial Times reported on Sunday, citing sources.Discussions are currently being held between G7 and EU officials, and a decision is expected to be finalized at the G7 summit in Hiroshima next week, the report says. According to a draft statement seen by the news outlet, the G7 and EU countries aim to further reduce their use of Russian energy, “including preventing the reopening of avenues previously shut down by Russia’s…

Bitcoin (BTC/USD) retraced some of its recent losses early in the Asian session as the pair appreciated to the 26997.65 level after recently trading as low as the 25810 area, its weakest print since mid-March.Technical demand pushed BTC/USD from the 26351 and 26729.78 levels during the retracement, recent downside price objectives related to selling pressure that intensified around the 28334.75 area.Additional related recent downside price objectives include the 27108, 27577, and 27647 areas.Stops were recently elected below the 27145, 27108, 26765, 26729, 26380, 26309, and 26203 levels during the depreciation, downside price objectives related to recent selling pressure around the 30500, 30050, 29850, 28334, and 27647 levels.Related downside price objectives include the 25474, 25442, 25124, 24705, 24440, 23208, and 22769 levels.Following recent price activity, areas of technical resistance and potential selling pressure include the 27293, 28011, 28591, 29171, 29889, and 29997 levels. Upside retracement levels in recent depreciating ranges include the 28428, 28564, 28700, 28741, 28868, 29243, and 29299 areas.Above the market, upside price objectives related to recent buying pressure around the 27194.51 and 28161.74 areas include the 30420.74, 31237.11, and 32556.73 levels.Additional downside price objectives related to recent depreciating ranges and levels include the 26085, 25604, and 24103 levels.Additional upside price objectives include the 31477.37, 32501.23, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28, and 38403.97 levels. Traders are observing…