Switzerland Balance of Trade

Switzerland SECO Economic Forecasts

Euro Area Current Account s.a

Euro Area Current Account

Malaysian palm oil futures climbed over 2% to near MYR 3,940 per tonne, surging for the second day and moving further away from their lowest in a month, reached earlier this week, amid a weaker ringgit and an increase in rival Dalian contracts. The contracts rose for the third session, supported by signs of tighter production, particularly after the Southern Peninsula Palm Oil Millers Association reported a 4.0% month-on-month decline in output for September 1-15. On cargo surveyors’ data, Malaysian palm oil product exports rose by 9.1% to 10.2% during the first 15 days of September compared to the same period in August. However, a decline in crude oil prices capped the bullish momentum after a jumbo Fed interest rate cut fueled worries about the US economy. Additionally, India, the world’s largest edible oil importer, raised the basic import tax on crude and refined edible oils by 20 percentage points to 27.5% last week, aiming to protect farmers affected by lower oilseed prices.

Palm Oil Extends Rally

The Netherlands’ seasonally adjusted unemployment rate edged up to 3.7% in August 2024 from 3.6% in the previous three months. The number of unemployed individuals increased 4 thousand to 374 thousand, while employment decreased 35 thousand to 9.768 million. The labor force participation rate went down to 75.8% from 76% in the preceding period. Meanwhile, there were 171 thousand current recipients of unemployment benefits during the period, up by 4% compared to July. In August 2023, the seasonally adjusted jobless rate was at 3.6%.

Dutch Jobless Rate Edges Up to 3.7%

The South Korean won depreciated past 1,330 per dollar, retreating further from six-month highs as the dollar strengthened even after the US Federal Reserve delivered a supersized half-percentage point interest rate cut. Those moves came as Fed Chair Powell said in the post-meeting press conference that they are not in a rush to ease policy and that half-percentage point cuts are not the “new pace.” Meanwhile, South Korean finance minister Choi Sang-mok said the government will coordinate with the central bank to deploy contingency plans for financial markets if needed after the Fed lowered interest rates. South Korean officials have been indicating recently that it intends to adjust monetary policy as the Fed starts its easing cycle, signaling readiness to reduce borrowing costs in the coming months.

South Korean Won Drops on Powell Remarks

Exports from Malaysia grew by 12.1% year-on-year to MYR 123.5 billion in August 2024, surpassing market forecasts of 11.7%, easing from July's eight-month high of a 12.3% rise.

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