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DOLLAR-MYR
DOLLAR-MYR: Onshore ringgit reopens catching up to Monday's risk-on flows & a
rally in oil prices. Crude has extended gains in early Asia-Pac trade, while
U.S. equity index futures have crept higher. USD/MYR has tumbled, giving away
313 pips so far, and last sits at MYR4.3407.
- Malaysian parliament reconvened yesterday and adjourned the meeting
immediately after lawmakers listened to the King's speech. As we flagged before,
the vote of no confidence in PM Muhyiddin has been delayed, drawing the ire of
opposition parliamentarians.
- The rate is descending towards its 50-DMA, intersecting at MYR4.3380. A break
below there would open up May 8 low of MYR4.2993, followed by Apr 0 low of
MYR4.2890. Bulls look for a recoil above yesterday's high of MYR4.3725. A break
here, followed by a jump above Apr 22 high of MYR4.4032, support the bullish
case.
- Malaysia's CPI will be published tomorrow, with foreign reserves due Friday.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com