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Coming Under Light Pressure

MYR

Spot USD/MYR trades +30 pips at MYR4.4620, with bulls setting their sights on Aug 8 high of MYR4.4633. A break here would bring Jan 4, 2017 high of MYR4.5002 into view. Bears look for a dip through the 50-DMA, which kicks in at MYR4.4308.

  • Palm oil futures faltered on Monday, albeit the most active contract recouped some losses in after-hours trade. China's weak activity data contributed to that decline by sparking concerns over demand prospects.
  • Intertek reported that Malaysia's palm oil exports rose 2.8% M/M in the first 15 days of the month. Separately, AmSpec data showed that exports in that period fell 1.9% M/M. High-frequency data on shipments is watched by participants searching for insights on Malaysia's competition with Indonesia.
  • Looking ahead, Malaysia's monthly trade data will be published this Friday.

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