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Extending Gains

MYR

Spot USD/MYR went offered Monday, with the ringgit drawing support from firmer palm oil prices. The rate has extended losses this morning and last changes hands -57 pips at MYR4.1935, with little in the way of notable domestic headlines crossing the wires so far.

  • Bears look for a sell-off past the 200-DMA, which intersects at MYR4.1805. Conversely, a rally above Feb 24 high of MYR4.2077 would encourage bulls to take aim at Jan 7 high of MYR4.2175.
  • Bank Negara Malaysia are unlikely to move interest rates in the wake of their monetary policy meeting this week. The decision will be announced on Thursday.

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