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Pares Early Losses, Trade Balance On Tap


The Ringgit has pared early losses as broader USD/Asia weakness after a firmer than forecast Yuan fixing saw USD/MYR retreat from session highs.

  • USD/MYR prints at 4.5450/4.5500, the pair is ~0.2% above yesterday's opening levels.
  • Bulls target the low from 13 July (4.6237). Bears first target the 200-Day EMA (4.4976).
  • Palm Oil futures sit at their highest level since early March, as supply concerns in the US market spill over.
  • On the wires today we have June Trade Balance, a surplus of MYR16.65bn is expected.

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