We bought Gold and AUD while RM is trending lower

We continue to add Gold and AUD to hedge over weakening RM. We believe USD will improve further against RM. BNM may increase another 25 basis points next 6 months. However, BNM will be very cautious as to monitor the impact of GST that will start in 1st April. We believe retail will do well in quarter 1 of 2015 and follow with an extreme slow quarter. Thus giving more stress to RM in 2015.