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Marginally Softer After CPI Falls In March

MYR

USD/MYR prints at 4.43/44, the pair is ~0.1% softer today. Recent moves above 4.4400 haven't been sustained.

  • March CPI printed a short time ago at 3.4%Y/Y below the expected 3.6%. CPI fell from 3.7% Y/Y seen in February. Today's release is the lowest print since June 2022. Core also continued to edge down from recent highs, coming in at 3.8% y/y. The prints are likely to add to view that BNM remains on hold for now.
  • For USD/MYR, from a technical perspective we sit a touch above the 200-Day EMA (4.4295). Bears target low from 14 March at 4.3828, bulls look to first break 4.5 handle.
  • Looking ahead the domestic data calendar is empty until next Tuesday when Foreign Reserves data will cross.
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