Ringgit Catches Breath Ahead Of Monthly CPI Report

Spot USD/MYR re-opens near yesterday's lows in the wake of a sell-off that allowed the pair to move away from cyclical highs. It last changes hands at MYR4.4710, down 5 pips on the day, with bears looking for a slide through the 50-DMA, which kicks in at MYR4.4425. Bulls need a jump above Aug 23 high of MYR4.4913 would shift focus to Jan 4, 2017 high of MYR4.5002.

• Palm oil futures snapped a four-day winning streak on Thursday. The competition between two top producers was at the fore as Indonesia extended its export levy waiver by two months. Still, high-frequency data on Malaysian exports suggested that shipments increased in the first 25 days of the month (AmSpec: +4.9 M/M; Intertek: +10.0% M/M; SGS: -0.1% M/M).
• The FTSE Bursa Malaysia KLCI posted a strong rebound Thursday as the 50-DMA/50% retracement of the Jul - Aug rally provided a layer of technical support.
• Dep FinMin Shahar Abdullah confirmed that Budget 2023 will be tabled to parliament on Oct 28 as scheduled. He was commenting on a press report suggesting that FinMin Zafrul wanted to bring tabling the budget bill forward to allow PM Ismail Sabri to call a snap election faster.
• Malaysia's CPI growth is expected to have quickened to +4.4% Y/Y in Jul from +3.4% recorded in Jun, according to a Blomberg survey of 16 economists. The data will cross the wires at 05:00 BST/12:00 MYT.