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

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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.
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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.