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Ringgit Advances After U.S. CPI, USD/MYR Bears Eye Key Support

MYR

Spot USD/MYR has extended its recent losses, playing catch up with the overnight market impulse generated by U.S. CPI data, which sent the DXY to a two-month low. The rate last sits at MYR4.1755, down 98 pips on the day.

  • From a technical perspective, a break below key support from MYR4.1642 (Dec 31 low) is needed to put bears into the driving seat and bring Nov 15 low of MYR4.1580 into play. Bulls need to reclaim Jan 7 high of MYR4.2175 to breathe a sigh of relief.
  • On the Covid front, Health Min Khairy noted that fully vaccinated travellers who recently recovered from Covid-19 will be exempt from quarantine.
  • Reminder that Bank Negara Malaysia will announce their monetary policy decision next Thursday, albeit any policy moves are highly unlikely.
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