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Better Sentiment Aids Ringgit

MYR

Spot USD/MYR remains heavy amid further improvement in risk sentiment, the rate last trades -93 pips at MYR4.2155. Bears need a move through Dec 1 low/Sep 30 high of MYR4.2000/4.1970 to assume control. Bulls look to a rebound above Dec 3 high of MYR4.2372 towards Nov 26 high of MYR4.2490.

  • The latest round of risk-on flows is linked to an early Pfizer/BioNTech study, which suggested that three doses of their Covid-19 vaccine might offer sufficient immunity against the Omicron variant.
  • Malaysia's unemployment rate fell 0.2pp to 4.3% in October, the lowest level since the start of the local Covid-19 outbreak, which was paralleled by a 0.2pp uptick in the participation rate.

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