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Ringgit Catches Bid, Eyes 2022 Spending Plan

MYR

Selling pressure hit USD/MYR this morning, as the pair has played catch-up with overnight greenback weakness, while local players have been preparing for the release of PM Ismail Sabri's maiden spending plan.

  • The rate last changes hands -62 pips at MYR4.1440, after printing fresh multi-week lows. Bears set their sights on the 200-DMA at MYR4.1360, followed by Sep 10 low of MYR4.1300. Bulls need a rebound above Oct 18 high of MYR4.1720 to get some reprieve.
  • FinMin Zafrul will present the 2022 budget at 16:00 local time today. BBG consensus forecast suggests that the gov't will forecast a fiscal deficit of 6.1% of GDP, as PM Ismail Sabri faces pressure to boost development and social security spending. As a reminder, the Cabinet have recently approved raising the statutory debt limit to 65% of GDP from 60%.
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