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China Repo Rates Fall on Wednesday


USD/CNH Bears Eye Key Support

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Spot USD/MYR has slipped in early trade and last sits -5 pips at MYR4.1458. Further losses past the 200-DMA at MYR4.1346 would shift bearish focus to MYR4.1300, which cushioned losses on Sep 10. From the bearish perspective, it is worth noting that the 50-DMA has crossed below the 100-DMA. On the flip side, a rebound above Oct 18 high of MYR4.1720 would give bulls some reprieve.

  • Palm oil futures settled above MYR5,000/MT on Tuesday amid continued concerns about supply shortages in Malaysia. However, the edible oil's rally cooled in afternoon trade amid angst surrounding potential for regulatory crackdowns in China and India.
  • Malaysia's trade balance will be published tomorrow, consensus forecast looks for a trade surplus of MYR22.60bn.