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Little Changed In Early Trade, Holding Majority Of Last Weeks Gains

MYR

The Ringgit is little changed from yesterday closing in early dealing.

  • USD/MYR prints at 4.5380/4.5405, and has been dealing in a narrow range thus far. The Ringgit is held onto the majority of last week's post-US CPI gains sitting ~3% below last week's opening levels.
  • Bulls target the low from 13 July (4.6237). Bears first target the 200-Day EMA (4.4976).
  • Palm Oil futures are flat thus far today, the contract remains well within the monthly range and last prints at MYR3934. A 3800/4000 range has persisted in July.
  • Looking ahead the only data on the docket this week is June Trade Balance which crosses on Thursday. A surplus of MYR16.65bn is expected.
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