MALAYSIA: Country Wrap: Leading Index Moderates
Market Summary: The FTSE Malay KLCI down -0.17% today which takes it back to being flat for the week as the Ringgit does very little to be at 4.20 whilst bonds stabilize after yesterday's falls..
- Malaysia’s Leading Index (LI) annual growth moderated in July 2025, declining 0.5 per cent to 114.3 points from 114.9 points in the same month last year, the Department of Statistics Malaysia (DOSM) said. (source The Star)
- Patent filings in ASEAN have surged by 70 per cent over the past decade, underscoring rapid growth in intellectual property (IP), driven by the significant rise in innovations among member states. (source The Star)
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EURUSD TECHS: Friday’s Rally Reinforces A Bull Theme
- RES 4: 1.1851 High Sep 10 2021
- RES 3: 1.1829 High Jul 01 and the bull trigger
- RES 2: 1.1789 High Jul 24
- RES 1: 1.1743 High Aug 22
- PRICE: 1.1703 @ 06:10 BST Aug 25
- SUP 1: 1.1596/1.1528 50-day EMA / Low Aug 5
- SUP 2: 1.1392 Low Aug 1 and bear trigger
- SUP 3: 1.1373 Low Jun 10
- SUP 4: 1.1313 Low May 30
The trend set-up in EURUSD remains bullish and Friday’s rally reinforces current conditions. Support at the 50-day remains intact, at 1.1596. A clear break of it would signal scope for a deeper retracement and potentially expose key support at 1.1392, the Aug 1 low. For bulls, a stronger resumption of gains would open key resistance and the bull trigger at 1.1829, the Jul 1 high.
JGBS: Slightly Richer, Gov. Ueda's Wage Comments In Focus
JGB futures are little changed, -1 compared to settlement levels, after giving up Friday's overnight gains.
- (Bloomberg) Bank of Japan Governor Kazuo Ueda said he expects a tight labour market to keep upward pressure on wages, reflecting his view that stable inflation is set to take hold.
- "Wage growth is spreading from large enterprises to small and medium enterprises," Ueda said Saturday in remarks at the Federal Reserve's annual symposium in Jackson Hole, Wyoming. "Barring a major negative demand shock, the labour market is expected to remain tight and continue to exert upward pressure on wages."
- Joseph Wang on X: "Good speech by Ueda on how Japan's ageing demographics are driving up wages. Increasing participation rates and retiring at a later age have reached their limits. It looks like the theory that ageing demographics is inflationary will be validated. https://t.co/YyW7JcMySw"
- Cash US tsys are ~2bps cheaper in today's Asia-Pac session after Friday's strong rally.
- Cash JGBs are flat to 1bp richer across benchmarks. The benchmark 10-year yield is 0.8bp lower at 1.617% versus the cycle high of 1.627%, set last week.
- Swap rates are ~2bps higher. Swap spreads are wider.
- Tomorrow, the local calendar will see PPI Services alongside an Auction for Enhanced-Liquidity 15.5-39 YR.
BUND TECHS: (U5) Trend Condition Remains Bearish
- RES 4: 130.26 High Aug 8
- RES 3: 130.06 High Aug 14
- RES 2: 129.83 50-day EMA
- RES 1: 129.51 20-day EMA
- PRICE: 129.20 @ 05:46 BST Aug 25
- SUP 1: 128.64 Low Aug 15
- SUP 2: 128.40 Low Apr 9
- SUP 3: 128.19 Low Mar 27 (cont)
- SUP 4: 127.83 76.4% retracement of the Mar 11 - Apr 7 bull leg (cont)
Bund futures are trading above their recent lows. A bear threat is present. The contract recently breached support at 128.84, the Jul 25 low and a bear trigger. Note that 129.00 marks the base of a broad range and a clear range breakout would strengthen a bearish threat. This would open 128.40 initially, the Apr 9 low. Strength above the 50-day EMA of 129.83, is required to signal a reversal. Resistance at the 20-day EMA is at 129.51.
