Malaysia: Labour market keeps recovering – UOB

Pablo Piovano FXStreet

UOB Group’s Senior Economist Julia Goh and Economist Loke Siew Ting reviewed the latest labour market data in Malaysia.

Key Quotes

“Malaysia’s labour market conditions continued to improve with the unemployment rate falling to 4.7% in Jul (from 4.9% in Jun) and further 83.2k persons gained employment. The labour force participation rate held steady at 68.1%.”

“Total employment rose above 15 million persons for the first time in four months. Most economic sectors posted an increase in hiring since Jun, led by the services sector particularly accommodation, food & beverages, and transport & storage activities. The increase in employment in the manufacturing sector was led by electrical & electronics, metal-related, printing, plastic, motor vehicles, and rubber products sub-industries.”

“Although a recovery is underway, the labour market is expected to face hurdles as some of the relief measures expire at the end of Sep. The entrance of new graduates and workers returning to seek employment as economic conditions improve should see a higher labour force participation rate. We expect the unemployment rate to ease further to 4.5% by year-end.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD stays slightly offered below 1.3600

Following an initial drop to fresh six-day lows, GBP/USD now picks up some updside traction and trades in levels just shy of the 1.3600 barrier on Thursday. The generalised cautious tone among market participants continue to underpin the Greenback ahead of Friday’s data releases and the Fed Warsh’s speech.

EUR/USD struggles for direction around 1.1650

EUR/USD gyrates around the 1.1650 region amid the absence of clear direction and following an earlier drop to the 1.630 area. The pair’s vacillating mood comes in response to the equally irresolute price action in the US Dollar as investors warm up for the release of the NFP Annual Revision and the speech by the Fed’s Warsh at the Jackson Hole Symposium, both events due on Friday.

Gold recovers $4,600, buyers unwilling to give up

Gold adds to Wednesday’s pullback, although it manages to pick up some pace and come closer to the $4,600 mark per troy ounce on Thursday. In the meantime, the yellow metal remains on the back foot despite the widespread caution and the lack of clear direction of the US Dollar.

Ripple rebounds as whales accumulate 460 million XRP

Ripple (XRP) holds above $1.40 support on Wednesday, as bulls return to take control following three consecutive days of declines. The remittance token’s upside appears capped at $1.50 while extended gains would face additional resistance at $1.70. A break above $2.00 would mark a potential regime shift from bearish to bullish.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.

Kevin Warsh’s Jackson Hole dilemma: Say too much, too little, or just enough

Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve (Fed) Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September.