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Consolidation Mode But Remains Bearish


Fails To Hold Onto Thursday’s High


'Big Tech' Bill Goes To Senate


Oil Up For Fifth Week On Supply Disruption, Geopolitics

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Spot USD/MYR operates -12 pips at MYR4.2315 as we type, with little in the way of notable domestic headline flow seen so far.

  • Note that the pair recently re-tested the neckline of a double bottom pattern charted over Sep-Nov. A failure to break that level resulted in a fresh bout of USD/MYR purchases.
  • Bulls would be pleased by a break above Dec 3 high of MYR4.2372, which would shift focus to Nov 26 cycle high of MYR4.2490, a key topside target. Bears look for a fall through Dec 1 low/aforementioned neckline at MYR4.2000/4.1970.
  • FinMin Zafrul told CNBC that Malaysia is on track to achieve its GDP growth target of +3.0-4.0% Y/Y this year, despite the emergence of a new coronavirus variant.
  • Participants look ahead to the release of Malaysia's industrial output on Friday.