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EUROSTOXX50 TECHS

(Z1) Bearish Risk Still Present

SNAPSHOT

Omicron Worry Fades A Little In Asia

BTP TECHS

(Z1) Support Remains Intact

GILT TECHS

(H2) Needle Still Points North

SCHATZ TECHS

(Z1) Pullback Still Considered Corrective

BOBL TECHS

(Z1) Holding Above The 50-Day EMA

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Spot USD/MYR trades -50 pips at MYR4.1547, holding yesterday's range. Early losses seemed driven by overnight greenback sales, albeit firmer crude palm oil prices may have provided some further support to the ringgit.

  • Palm oil futures extended their recent rally yesterday amid continued concerns about elevated fuel prices and reports pointing to labour shortages in Malaysia, the world's second-biggest producer of the edible oil.
  • Opposition leader Anwar said that the four UMNO defectors who helped bring down the Melaka state government have expressed interest in joining Pakatan Harapan, but have not yet filed formal requests.
  • The local data docket is empty today, but Malaysia's CPI will hit the wires on Friday. Headline inflation may have accelerated a tad to +2.1% Y/Y in September from +2.0% prior, according to Bloomberg consensus.

Fig. 1: MYR-Denominated Crude Palm Oil Futures vs. USD/MYR

Source: MNI - Market News/Bloomberg