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Post-FOMC Impulse In Play, Crude Palm Oil Futures Retreat

MYR

Spot USD/MYR reopened on a softer footing, absorbing post-FOMC market impetus which led to broad-based greenback sales, but has trimmed losses since. The pair last operates at MYR4.2277, 20 pips lower on the day.

  • Bears look for a fall through Dec 9/13 lows of MYR4.2075/73 before taking aim at Dec 1 low of MYR4.2000. Conversely, a jump above Dec 15 high of MYR4.2387 would give bulls a green light for targeting Nov 26 high of MYR4.2490.
  • Crude palm oil futures fell to the lowest levels since late September. KOG2 tumbled on Wednesday, as Intertek data showed a decline in Malaysian exports led by shipments to China and India. The data sparked speculation that these two biggest buyers of Malaysia's flagship export commodity might be turning towards soybean oil as a possible replacement.
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