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Lowest Level Since Mar 22

MYR

USD/MYR prints close to 4.4600, the pair printed its highest level since March 22 (4.4653) in early dealing before moderating gains.

  • Falling Palm Oil prices have weighed on the ringgit in recent trading, with prices down ~5% since April 18th.
  • The pair now sits above its 20- and 200-Day EMAs as the technical picture becomes bullish. Bulls can target year to date highs at 4.5317. Bears first look to break the 20-Day EMA (4.4299) to turn the tide.
  • Looking ahead the data calendar is empty until next Tuesday when April S&P Global Manufacturing PMI will cross. There is no estimate and the prior read was 48.8.

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