November 20, 2023 02:57 GMT
Firmer Start, Trade Balance On Tap
The Ringgit has opened dealing firmer on Monday as broad based USD flows dominate in early trade on Monday
- USD/MYR sits at 4.67/40 ~0.2% below Friday's closing levels.
- Bulls look to break the 20-Day EMA (4.7028) to get the 4.80 handle. Bears now target a break of the 200-Day EMA (4.6040) to re-establish a downtrend, a break of the measure opens the low from 31 Jul at 4.4957.
- Today we have October Trade Balance, a surplus of MYR21.65bn is expected.
- Further out we have fortnightly Foreign Reserves on Wednesday and October CPI rounds off the docket on Friday. CPI is expected to hold steady at 1.9% Y/Y.