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Fresh YTD High For USD/MYR On Monday

MYR

The Ringgit has been pressured today as onshore markets digest Friday's US UofMich survey where inflation expectations were firmer than forecast as well as risk off flows which have moderated a touch today.

  • USD/MYR has printed a fresh YTD high and sits a touch above the 4.74 handle.
  • Bulls now target 4.7973, a Fibonacci projection. On the downside bears look to first break the 20-Day EMA (4.7101) to turn the tide.
  • Palm Oil sits at MYR3,738 ~6% above the cycle lows seen in early October. Technical flows appear to have added support to the space.
  • September CPI which is due on Friday provides the highlight this week, CPI is expected to tick higher to 2.1% Y/Y from 2.0%. Also on the wires we have September Trade Balance on Thursday.

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