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Narrow Ranges Persist, PMI Holds Steady

MYR

USD/MYR prints at 4.4590/4620, the pair is little changed in early dealing on Tuesday.

  • Narrow ranges have persisted as USD/MYR consolidates above the 20-Day EMA. Rallies have been capped ahead of 4.47, with support seen at 4.45.
  • Bulls can target year to date highs at 4.5317. Bears first look to break the 20-Day EMA (4.4380) to turn the tide.
  • On the wires today we had April S&P Global Manufacturing PMI which printed at 48.8 unchanged from the March read. The measure remains in contractionary territory since breaking below 50 in August 2022.
  • Looking ahead the BNM monetary policy decision is on the wires tomorrow, the Bloomberg survey looks for no change in the Overnight Policy Rate which is expected to be held at 2.75%.

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