Free Trial

Fresh Multi-Month High For USD/MYR

MYR

Spot USD/MYR has cracked above YtD highs and showed at its highest point since Jul 29, 2020, as we await the release of Malaysian inflation data. The rate topped out just shy of MYR4.2500 before paring some gains. It now trades +0.105 at MYR4.2402.

  • The ringgit sold off sharply this week amid continued outflows from local equity markets. It has been the second worst performer in the Asia EM basket after the Thai baht.
  • The upsurge in spot USD/MYR this week allowed the pair to chart a double bottom formation, which may have poured fuel on bullish bets for the cross.
  • The next key layer of resistance is located around the round figure of MYR4.3000. The rate peaked a handful of pips below there (at MYR4.2955) on Jun 29, 2020.

To read the full story

Close

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.