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Ringgit Catches Bid, Political Headlines Do Rounds

MYR

Spot USD/MYR has retreated as onshore markets re-opened today, the rate sits -130 pips at MYR4.1775, after hitting a fresh one-week low. The sell-off seemed driven by overnight greenback weakness in the first place, as domestic headline flow has failed to provide much in the way of outright catalysts.

  • Bears look for further losses past Dec 31 low of MYR4.1642, a key layer of support. On the flip side, a rebound above Jan 7 high of MYR4.2185 is needed to give bulls some reprieve.
  • The Electoral Commission is set to expand the electoral roll Sunday, owing to the implementation of the Undi18 reform (click here for more colour).
  • The Malaysian docket is virtually empty during the remainder of this week.

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