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Narrow Ranges Persist

MYR

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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