As for FCPO, market closed little changed after trading on either sides of the previous day's close. Bearish sentiment prompted selling in the morning. Higher CBT soyoil and China Dalian futures gave no impact. Better interest in the cash market encouraged support in the afternoon. Strong gains in crude mineral oil in Asian trade was also supportive. Prices were 1 to 11 lower in the morning and rose to 12 higher in the afternoon before easing towards close.
Market is holding sideways. Good exports and the implementation of the export levy by Indonesia are positive. The regulation by US Food and Drug Administration to ban artificial trans fats is favourable for palm oil but its impact is negligible. Higher production in the coming months continue to weigh on sentiment although weather is likely to be the key factor.
Technical view - prices move sideways in a 2250 - 2350 range. Ringgit ~ 3.7570 / 3.7590 vs USD. Trend sideways ; RSI 58.38 ; parabolic SAR at 2261 ; support 2250 / 2225 / 2150 ; resistance 2330 / 2360 / 2400 / 2450.
In other news..
🇺🇸 The forecasts released by the Fed showed most officials expect to begin raising short-term interest rates before the end of the year. But Fed officials lowered their interest-rate forecasts for 2016 and 2017 by a quarter percentage point, suggesting they've become less certain about the strength of the U.S. economy in the longer run.
🇺🇸 U.S. stocks ended slightly higher after the Federal Reserve signaled that interest rates could increase more slowly than officials had expected.
€ European equities closed lower as investors awaited the conclusion of a two-day policy meeting of the U.S. Federal Reserve and a gathering of the European Central Bank's (ECB) Governing Council.
€ ECB is expected to review its Emergency Liquidity Assistance (ELA) to Greece at a non-monetary policy meeting in Frankfurt. The ELA is extended by the Greece's central bank to its struggling lenders, but comes, ultimately, from the ECB.
€ The Eurozone final-May CPI was left unrevised at +0.2% m/m and +0.3% y/y. The Eurozone final-May core CPI was left unrevised at +0.9% y/y.
🇯🇵 The Japan May adjusted trade deficit of -182.5 billion yen was slightly narrower than market expectations of -184.0 billion yen.
📝 Bank Indonesia’s Board of Governors is scheduled to issue its monetary policy decision Thursday.
⛽ Oil prices swung over a wide range but ended little changed, as a dovish Federal Reserve statement helped the market recover from a selloff after disappointing U.S. stockpile data.
👑 Gold prices rose in electronic trading, after the Federal Reserve gave a less optimistic than expected assessment of the U.S. economy and signaled that it may raise rates less steeply than anticipated in the coming cycle. Now, $1,186.
🌴 FCPO (RM2,291) closed unchanged. Bearish sentiment prompted selling in the morning session. Better interest in the cash market encouraged buying. The regulation by U.S. Food and Drug Administrative to ban artificial trans fats is favorable for palm oil but its impact is negligible.
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