At its final policy meeting of 2024, Bank Negara Malaysia (BNM) maintained its overnight policy rate at 3.00%, where it has been since May 2023.Economists polled by Reuters expect the central bank will stand pat on rates until at least 2026.
The dollar was set for its biggest one-day rise since March 2020 against major peers on Wednesday and bitcoin jumped to an all-time high as so-called “Trump trades” took off, with traders increasingly betting on a U.S. election victory for the former president.
Besides the surging dollar weighing on commodity prices, including oil, a Trump presidency could see policies that may further pressure the Chinese economy, hence weakening demand, said independent analyst Tina Teng, as China is the world’s top importer of crude oil.
The Republican party won a majority in the Senate, and was also seen leading in the House of Representatives. A Republican sweep in Congress presents a clear path for Trump to enact major policy changes.
U.S. stock futures and the dollar surged in Asia on Wednesday as investors wagered Republican Donald Trump could win the U.S. presidential election, though officially the race remained too early to call.
