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Fresh YTD High For USD/MYR

MYR

The ringgit has weakened in early dealing as broader USD/Asia trends continue to dominate flows.

  • USD/MYR has printed a fresh year to date high last printing at 4.6490/4.6505. The pair is ~0.2% higher today.
  • Bulls now target a break of 4.70, which opens high from 4 Nov 4.7495. Bears first target a break of 20-Day EMA (4.6038) to turn the tide.
  • Malaysia's Economy Minister Rafizi Ramli noted that the government hasn't discussed directly intervening in markets to support the nations currency. More here.
  • On the wires yesterday May Trade Balance printed at MYR15.42bn, a larger surplus than forecast.
  • Looking ahead, Jun 15 Foreign Reserves cross tomorrow before May CPI on Friday.

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