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The ringgit opened higher against the U.S. dollar Monday on strong buying of the local unit amid a weaker greenback, a dealer said.

At 9.00 am, the ringgit was traded at 3.1860/1890 against the U.S. dollar, up from 3.1920/1940 at last Friday’s closing.

The dealer attributed the ringgit’s uptrend against the greenback this morning to market players’ reaction to the bearish U.S. employment data released last Friday.

The latest U.S. employment data reported the biggest monthly drop in jobs in five years, raising concern that the world’s largest economy might already be in the early stage of recession.

“The ringgit is likely to move within a tight range of between 3.18 and 3.20 against the greenback this week as there is no major events expected to stimulate the local currency,” added the dealer.

Against other major currencies, the ringgit was traded mixed.

It depreciated against the Singapore dollar at 2.3052/3084 from 2.3045/3090 last Friday’s closing and it weakened against the Japanese yen at 3.1183/1216 from 3.1155/1187 previously.

Compared with the pound sterling, the ringgit appreciated at 6.3414/3490 from 6.3827/3896 and it also strengthened against the euro at 5.0004/0061 from 5.0137/0178 previously.

– BERNAMA

The dollar rallied against the yen on Monday, making up for losses suffered after a weak U.S. employment report, as traders focused on fund allocations by Japanese investors at the start of a new financial year. Read more

Dubai-based Islamic mortgage company Amlak Finance said first quarter profit rose more than five-fold to 126 million dirhams ($34.31m). Revenue almost tripled. Revenue in the three months to March 31 was 270m dirhams, compared with 102n dirhams in the year-earlier period, the lender said, its second-biggest quarterly profit ever. Read more

April 07, 2008

GMT 04:58

EUR/GBP

Todays support: - 0.7852, 0.7840 and 0.7830 (main). Break would bring 0.7820, where a correction may be. Then 0.7806. If a strong impulse, wed see 0.7798. Continuation will bring 0.7786.

Todays resistance: - 0.7898(main), where correction may be. Break would bring 0.7909. Then 0.7918. If a strong impulse, we would see 0.7932. Continuation will bring 0.7948.

AUD/USD

Todays support: - 0.9177 and 0.9158 (main). Break will give 0.9142, where a delay is possible. Then 0.9135, where a correction could be. If a strong impulse, we would see 0.9120, where a correction can be. Continuation will give 0.9112.

Todays resistance: - 0.9217 and 0.9226 (main). Break would give 0.9237 where a correction may be. Then 0.9248. If a strong impulse, we would see 0.9260. Continuation will give 0.9273.

DOW JONES INDEX

Todays support: - 12 573.28, 12 551.13, 12 526.88 и 12 504.37(main), where a delay and correction may happen. Break of the latter will give 12 476.25, where correction also can be. Then 12 454.45. Be there a strong impulse, we would see 12 431.30. Continuation will bring 12 414.37 and 12 403.12.

Todays resistance: - 12 692.78, 12 729.36 и 12 757.50(main), where a a delay and correction may happen.Break would bring 12 782.11, where a correction may happen.Then 12 801.10, where a delay and correction could also be. Be there a strong impulse, wed see 12 830.63. Continuation would bring 12 859.45 and 12 870.00.

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The Philippines’ gross international reserves, or GIR, reached a record $36.5 billion in March, rising mainly due to accumulation of dollars by the central bank and income from investments abroad, the central bank said. Read more

The U.S. dollar was trading firmer against major currencies in Asian afternoon trade on Friday as investors braced themselves ahead of the release of U.S. jobs data for March later tonight.

At 12:20 p.m. (0415 GMT), the U.S. dollar was trading at 102.62 yen, up from 102.32 yen in Sydney this morning. The euro was at $1.5653, down from $1.5662 in Sydney. Read more

The dollar fell on Friday after a report showed the U.S. economy shed jobs for a third straight month, confirming fears that the country may already be in a recession.

Both the euro and yen posted gains on the greenback after the government said U.S. employers cut 80,000 jobs in March, more than expected and the biggest monthly fall in five years. Read more

Image credit to The Westin

Japanese and eurozone finance ministers called for G7 finance leaders meeting next week to seek a curb on excessive exchange-rate movements, amid growing concern over the economic effects of a sliding dollar. Read more

Image credit to Vanguard

The Central Bank (CBN) has said it expects the new Micro Credit Fund (MCF) to increase to N100 billion in two years. The MCF replaces the Small and Medium Industries Equity Investment Scheme (SMIEIS) designed to direct the flow of bank funds to small and medium-scale enterprises.
ImageThe fund which began operation with the N37.5 billion SMIEIS fund, has a micro credit component which supports activities of small and micro enterprises through interventions of government at all levels.

It also involves activities of the micro finance banks in providing cheap finance to the small and micro entrepreneurs.The Guidelines on the MCF stated that MCF would serve as an interim scheme for only three years.

It said the scheme would be phased out as soon as legal and institutional infrastructure for effective administration of credit to small and micro enterprises improved.

“In the first instance, this programme shall be applicable for three years, 2008, 2009 and 2010.“The tenor of the loan accessed by each state shall be as agreed with the bank but shall not exceed one year in the first instance, with the possibility of a roll-over yearly, thereafter,” the guidelines said.
The CBN said for a state to access the fund, it had to deposit a counterpart fund from the bank from which it is obtaining the fund.

It must also set up a monitoring mechanism to ensure efficient utilisation of the fund as well as to sign an irrevocable Standing Payment Order (ISPO) in favour of participating bank.It said a state could access the fund on a yearly basis provided it met its obligations under the fund.

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ASIAN stocks closed mixed yesterday after another batch of disappointing economic figures in the US shoved Wall Street into negative territory and sent regional players into the wings. However, the extent of the sell-off and a turnaround in early European business led to late bargain hunting which eased some of the pressure and allowed a few markets to end the day slightly higher.

TOKYO: Japanese share prices lost ground for a second straight day.

The Nikkei-225 index dropped 102.05 points to 12,604.58. Volume rose to 1.673 billion shares from 1.575 billion on Wednesday.

SYDNEY: Australian share prices closed down 0.2 per cent on weaker financial stocks, although gains in miners BHP Billiton and Rio Tinto limited the market’s losses. The S&P/ASX 200 closed down 9.8 points at 5,371.6. A total of 1.54 billion shares worth A$5.35 billion was traded.

SHANGHAI: Chinese share prices plunged 5.42 per cent, the sharpest percentage decline in two months. The Shanghai Composite Index, which covers A and B shares, closed down 195.36 points at 3,411.49.

TAIPEI: Taiwan share prices closed sharply lower as selling pressure intensified in technology firms amid worries the Taiwan dollar’s appreciation will hurt export earnings. The weighted index closed down 162.07 points at 8,605.95 on turnover of T$160.83 billion.

SEOUL: South Korean share prices closed slightly lower as investors locked in profits from recent gains, with sentiment undercut by Wall Street’s decline. The KOSPI closed down 3.43 points at 1,676.24. Volume reached 252 million shares worth US$4.31 billion.

BANGKOK: Thai share prices closed 0.66 per cent higher as investors chased gains in blue chips, in banking and energy stocks.

The composite index rose 5.39 points to 822.96 on turnover of 3.10 billion shares worth US$522.34 million.

JAKARTA: Share prices closed 0.4 per cent higher as late buying of blue chips and oil-related stocks triggered a rebound in the main index. The composite index closed up 10.71 points at 2,405.15.

MANILA: Philippine share prices closed 0.3 per cent higher as investors picked up bargains among the blue chips.

The composite index closed up 7.54 points at 2,925.91. – AFP