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Fresh YTD High For USD/MYR, Domestic Markets Closed Today

MYR

USD/MYR continued to tick higher yesterday, breaching the 4.70 handle, as broader USD trends dominated flows. The pair rose ~0.4% closing at its highest level since mid-November.

  • A reminder that domestic markets are closed today for the observance of a national holiday.
  • Bulls target the high from 4 Nov 2022 (4.7495). Bears first target the 20-Day EMA (4.6777).
  • Palm Oil futures had their largest rise in 6 weeks yesterday, the weaker MYR is boosting demand and cushioning the impact of the recent slide in Soybean Oil.
  • On the wires tomorrow we have August Money Supply.

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