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Free AccessNarrow Ranges Persist
The Ringgit continues to observe narrow ranges with little follow through on moves. USD/MYR is consolidating after rising ~4% since the beginning of August.
- In early dealing on Thursday USD/MYR is little changed from yesterday's closing levels at 4.6800/25.
- 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 (4.6555).
- Palm Oil has firmed off a 2-month low seen on Tuesday, front month future currently sits ~2.5% above Tuesday's session low. Palm’s discount to soybean oil expanded to $542 a ton, compared with $515 on Friday and an average of $488 in the past year.
- Looking ahead, the next data of note is August Export data on Monday.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.