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Political Uncertainty Undermines Ringgit

MYR

Spot USD/MYR has added 73 pips so far and last changes hands at MYR4.2273, as Malaysia's escalating political upheaval steals the limelight. Should the rate extend gains past Jul 29 high of MYR4.2405, bulls could take aim at Jul 21 cycle high of MYR4.2440. Bears need a retreat under Jul 30 low of MYR4.2188, before turning attention to Jul 15 low of MYR4.1955.

  • UMNO Pres Zahid said that 11 UMNO MPs have retracted support for PM Muhyiddin and submitted their declaration to the King, while Energy Minister from UMNO stepped down. Click here to see more details.
  • Malaysia's economic docket lacks major data releases during the remainder of this week, with BNM due to publish foreign reserves data on Friday. In the absence of market moving releases, focus will fall on Malaysia's political risks.

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