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USD/MYR Takes Out MYR4.30, Inflation Report Takes Focus

MYR

Spot USD/MYR extended a sharp rally on Thursday, topping out at MYR4.2950, its highest point in almost two years. Topside momentum remains, with the pair adding 152 pips just this morning to last trade at MYR4.3042.

  • The rate has ripped through the MYR4.3000 figure for the first time in almost two years, as bulls remain in the driving seat. Its RSI is climbing further into overbought territory.
  • Our technical analysts flags that attention is on the 76.4% retracement of the Mar '20 - Jan '21 downleg at MYR4.3420. Bears keep an eye on MYR4.2490, the high print of Nov 26 and former breakout level.
  • All eyes are on Malaysia's CPI data for the month of March, due for release later today. Inflation is expected to have accelerated to +2.3% Y/Y from +2.2% recorded in February.
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