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MYR
USD/MYR prints at 4.43/44 the pair is ~0.4% softer this morning as markets re-open after the observance of a national holiday yesterday.
- On Wednesday the BNM hiked the Overnight Policy Rate to 3.00% from 2.75%, no change has been expected. The bank noted that they still see upside risks to inflation and no signs of tightening affecting consumption and investment activities.
- USD/MYR now sits a touch below the 20-Day EMA as bears look to turn the tide from here they can target the low from April 14 at 4.3828.
- Looking ahead the domestic data calendar is empty until Tuesday when March Industrial Production and Manufacturing Sales Value cross.
Fig1: USD/MYR Daily Spot
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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