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U.S. congressional officials have not completely agreed on the US$ 700 billion rescue package to transfer under-performing assets from banks’ balance sheets and this has limited the U.S. dollar’s upside. Most traders expect some semblance of a final deal will be in place by Monday.

The Federal Reserve expanded its temporary swap facility with the European Central Bank by US$ 10 billion. Dallas Federal Reserve Bank President Fisher said “In this context, inflation concerns appear to have fallen to the back burner. The case for a rate rise seemed both less urgent and potentially disruptive given the clear and present danger of an imploding financial system and the considerable downside risks to the economy should that implosion occur.”

U.S. bank Washington Mutual became the largest U.S. bank failure ever and JP Morgan Chase Bank purchased its deposits. ECB sources said the ECB is unlikely to coordinate concerted rate cuts with other global central banks. ECB’s Papademos reported the economic outlook is uncertain and reiterated price risks are to the upside.

EUR/USD in Monday is high 1.483x

move lowest to  1.461x in friday. Us economy wait for US$ 700 billion rescue package in next Monday

Look different view re-peg currency ringgit 

In 1997 ringgit is peg to dollar. But this situation is different.  

ALOR STAR: Former Prime Minister Tun Dr Mahathir Mohamad said Malaysia should re-peg the ringgit to relieve pressure from the global economic crisis.

Stabilising the exchange rate would be one measure the Government could take immediately, suggested Dr Mahathir, also a former finance minister.

Malaysia has the capacity to determine the value of the ringgit because it has sufficient foreign currency and substantial savings, with the Employees Providence Fund alone holding more than RM200bil in its coffers.

“We shouldn’t float the currency. The country would lose money if the currency is vulnerable to external forces,” he said at a press conference after presenting a keynote address at a national-level seminar on Development of Higher Learning Institute on Saturday.

From Dr Mahathir

But
Govt will not re-peg ringgit
PUTRAJAYA: The Government has no intention to re-peg the ringgit now or in the future and it is committed to allowing the market determine the currency’s value, Finance Minister Datuk Seri Najib Tun Razak said.

He said the ringgit was stable enough and the Government was confident that its present position reflects the true value of the currency.

“There have been statements speculating on the re-pegging of the ringgit. I wish to categorically state that we have no intention to re-peg the ringgit now or in the future.

“We are committed to allowing the market determine its value,” he told reporters Monday after a briefing by ministry officials on his first day as Finance Minister.
Study ringgit pegging
TEMERLOH: International Trade and Industry Minister Tan Sri Muhyiddin Yassin wants the Government to study the suggestion by former prime minister Tun Dr Mahathir Mohamad to re-peg the ringgit.

Although the pegging of the ringgit by the Government in 1997 is perceived to be different from the current uncertain global economic scenario, Muhyiddin said it was possible that several mechanisms in the previous pegging of the ringgit could be used again.

“The uncertain global economy today is due to the subprime problems prevailing in the United States, which resulted in several major banks in the country to go bankrupt and this scenario is different from the situation in 1997,” said Muhyiddin. He said this to reporters after attending a meeting with several Umno leaders and grassroots in the Temerloh and Kuala Krau divisions late last night.

He was commenting on Dr Mahathir’s suggestion to re-implement the pegging of the ringgit to ward off the adverse effects of the weakening US dollar.

TheStar

The real situation goverment will not re-peg the currency

Lehman Brothers Holdings Inc. is a global financial-services firm.

The firm does business in investment banking, equity and fixed-income sales, research and trading, investment management, private equity, and private banking.

It is a primary dealer in the U.S. Treasury securities market. Its primary subsidiaries include Lehman Brothers Inc., Neuberger Berman Inc., Aurora Loan Services, Inc., SIB Mortgage Corporation, Lehman Brothers Bank, FSB, Eagle Energy Partners, and the Crossroads Group.

The firm’s worldwide headquarters are in New York City, with regional headquarters in London, England, and Tokyo, Japan, as well as offices located throughout the world.

In Hong kong we see different situation

News update for this week 21 sept 2008

HONG KONG - Hundreds of people who made investments linked to failed U.S. investment bank Lehman Brothers have rallied in Hong Kong in hopes of securing their money.

Lehman Brothers did not immediately return a call seeking comment. Billions of dollars in losses from souring debt forced the bank to file for bankruptcy earlier this week.

From news report

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US bank earning this week. We will look Dollar strength from last week. But Friday’s poor U.S. jobs data showed the U.S. economy still suffering despite some recent upbeat data.

Dollar strength would mean conversion back from euros, pounds etc, could be costly, prompting investors to try to repatriate profits in case the trend continues.

Investors, in the meantime, will be as keen as ever to track the U.S. economy, particularly after last week’s jobs report and in view of the Fannie Mae and Freddie Mac bailout, an attempt to ward off further damage to the U.S. housing market.

“I think all shareholders will be disadvantaged,” Rep. Barney Frank, chairman of the U.S. House of Representatives Financial Services Committee, told Reuters of the mortgage finance companies plan.

Consumer sentiment figures will be reported on Friday, as will retail sales. The latter have held up quite well so far, in part because of tax rebates.

“It is questionable whether this trend will continue after tax rebates have run out,” Swiss private bank Sarasin said in a note. “What might shore up retail sales is an expected retreat of inflation on the back of receding oil prices.”

But investors are not only concerned with the state of the U.S. and global economies. There are residual fears also about credit losses and their impact on the global financial system.

LOS ANGELES, Sept 5 (Reuters) - San Francisco Federal Reserve Bank President

Janet Yellen said on Friday that an unexpected jump in the August unemployment

rate highlights the risk of a vicious cycle of weakness locking into place for the U.S. economy.

—–

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Tuesday 29-Apr-2008

Indonesia’s
consumer inflation rate increase driven by higher food prices

CPI
inflationary pressures in the UK have much further to rise

Monetary
Authority of Singapore GDP miss 4-6% if severe recession hits the U.S. economy

Monday 28-Apr-2008

Euro
is up and Slighty Down after GERMAN CPI

Dollar
weakens in Asian afternoon trade ahead of FOMC