November 21, 2023 02:39 GMT
Ringgit At Two Week High
The Ringgit has firmed in early trade as a stronger than expected Yuan fix has spilled over into wider USD/Asia weakness.
- USD/MYR is down ~0.5% last printing at 4.6455/80.
- Bulls look to break the 20-Day EMA (4.7020) to get the 4.80 handle. Bears now target a break of the 200-Day EMA (4.6045) to re-establish a downtrend, a break of the measure opens the low from 31 Jul at 4.4957.
- A reminder that yesterday's Trade Surplus for October was narrower than forecast at MYR12.87bn. Imports fell less than expected.
- The local docket is empty today, further out we have fortnightly Foreign Reserves tomorrow and October CPI rounds off the docket on Friday. CPI is expected to hold steady at 1.9% Y/Y.