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Fresh YTD High For USD/MYR

MYR

The Ringgit has been pressured in early dealing as participants digest Tuesday's rise in US Tsy Yields.

  • USD/MYR printed at fresh YTD high at 4.7478 before marginally paring gains to sit at 4.7450/75.
  • Bulls target a break of the high from 11 Nov 22 (4.7495) which opens 4.7973, a Fibonacci projection. On the downside bears look to first break the 20-Day EMA (4.7155) which opens the low from 2 Oct (4.6900).
  • Palm Oil firmed to its highest level since mid-September yesterday rising as much as 0.7% as supply concerns and a rally in Soybean Oil in the US added a layer of support.
  • Tomorrow September Trade Balance is due, a surplus of MYR21.70bn is expected.

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