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Narrow Ranges For Ringgit, BNM On Tap

MYR

USD/MYR is observing narrow ranges in early dealing, there has been little follow through on moves and the pair is holding near its highest level since mid-July.

  • On Wednesday the pair rose ~0.2% as broader USD trends dominated flows. USD/MYR now sits ~4% above levels seen at the beginning of August.
  • Bulls target the high from 26 June (4.6915), a break through here opens the high from Nov 4 2022 (4.7495). Bears first target the 20-Day EMA (4.6366).
  • On tap today we have the latest monetary policy meeting from the BNM, the Overnight Policy Rate is expected to be held steady at 3.00%.

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