Free Trial
US STOCKS

New January Highs

STIR

BLOCK, Jun'23 SOFR Call Spd

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Overnight Dip In U.S. Tsy Yields Brings Some Relief To Beleaguered Ringgit

MYR

Spot USD/MYR falters on the back of broad-based greenback sales seen overnight. The reassessment of Fed tightening outlook stole the limelight, with unimpressive U.S. data outturns reviving the debate on terminal fed funds rate levels. When this is being typed, USD/MYR deals -62 pips at MYR4.7300.

  • From a technical standpoint, further losses past Oct 6 low of MYR4.6270 are needed to ignite meaningful bearish momentum. On the topside, bulls look for renewed gains towards the all-time high of MYR4.8850.
  • Palm oil futures rallied as markets re-opened in Kuala Lumpur, but initial strength proved short-lived, with the contract giving back most gains later in the day. Participants weighed concerns surrounding the impact of the upcoming monsoon season on palm oil output against the weakness in Malaysia's currency. High-frequency data on Malaysia's shipments of the tropical oil in the first 25 days of the month were mixed, with AmSpec reporting a 6.6% M/M increase & Intertek pointing to a 3.49% M/M decline.
  • PM Ismail Sabri will speak in Kuala Lumpur today. The data docket is virtually empty during the remainder of this week.
178 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

Spot USD/MYR falters on the back of broad-based greenback sales seen overnight. The reassessment of Fed tightening outlook stole the limelight, with unimpressive U.S. data outturns reviving the debate on terminal fed funds rate levels. When this is being typed, USD/MYR deals -62 pips at MYR4.7300.

  • From a technical standpoint, further losses past Oct 6 low of MYR4.6270 are needed to ignite meaningful bearish momentum. On the topside, bulls look for renewed gains towards the all-time high of MYR4.8850.
  • Palm oil futures rallied as markets re-opened in Kuala Lumpur, but initial strength proved short-lived, with the contract giving back most gains later in the day. Participants weighed concerns surrounding the impact of the upcoming monsoon season on palm oil output against the weakness in Malaysia's currency. High-frequency data on Malaysia's shipments of the tropical oil in the first 25 days of the month were mixed, with AmSpec reporting a 6.6% M/M increase & Intertek pointing to a 3.49% M/M decline.
  • PM Ismail Sabri will speak in Kuala Lumpur today. The data docket is virtually empty during the remainder of this week.