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1 May 2013
Forex Flash: MYR, an election trade - ANZ
FXstreet.com (Barcelona) - Khoon Goh, FX Strategist at ANZ has taken a look at MYR´s prospects ahead of the upcoming key election.
He begins by noting that Malaysia heads to the polls this Sunday in what is widely regarded as the closest election in the country’s history. He adds that Markets are anticipating a win for the incumbent Barisan Nasional coalition and such a result would see only limited rallies in assets and the currency. Alternatively, an opposition win would probably result in short-term volatility as investors assess whether the political transition will be smooth and if there will be major changes to government policy, especially those regarding investment. To position for election uncertainty, he recommend buying 3m MYR bills at 3.04% and hedge the FX using NDFs at an implied yield of 2.24%.
He begins by noting that Malaysia heads to the polls this Sunday in what is widely regarded as the closest election in the country’s history. He adds that Markets are anticipating a win for the incumbent Barisan Nasional coalition and such a result would see only limited rallies in assets and the currency. Alternatively, an opposition win would probably result in short-term volatility as investors assess whether the political transition will be smooth and if there will be major changes to government policy, especially those regarding investment. To position for election uncertainty, he recommend buying 3m MYR bills at 3.04% and hedge the FX using NDFs at an implied yield of 2.24%.