MNI BRIEF: Bank Of Italy Downgrades 2024 Inflation Forecast

CANADA MAR JOBLESS RATE 6.1% VS FORECAST 5.9%, PRIOR 5.8%

MNI: Canada Wages Up 5% Even With Highest Jobless Rate In 2Yrs

MNI BRIEF: Monetary, Fiscal Policy Need Harmony - Campos Neto

CORRECTED-MNI: Changing Brazil Fiscal Target Not "Plan A"

MNI BRIEF: PBOC To Curb Any Overshooting Of The Yuan-MPC

MNI: US FEB CONSUMER CREDIT +$14.1B

MNI: BAKER HUGHES US RIG COUNT 620; OIL RIGS 508; GAS RIGS 110

EZ/UK Bond Supply Calendar: EU-Bond Auction, BoE Short APF Mon

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Ringgit Climbs As Palm Oil Recovery Continues, No Clarity Yet On GE15 Date

MYR

The erosion of USD strength in the first two days of the week generated moderation in USD/MYR topside momentum, albeit we are yet to see a deeper pullback. The rate last changes hands -68 pips at MYR4.6370, with the ringgit likely drawing some additional support from better palm oil prices.

  • From a technical point of view, bears look for losses towards the 50-DMA, which intersects at MYR4.5089. Conversely, a rebound above Oct 3 high of MYR4.6520 would reignite bullish momentum, bringing the all-time high of MYR4.8850 into view.
  • Palm oil futures advanced for the fourth straight day on Tuesday, extending gains in after-hours trade. Firmer prices of closest substitutes supported the tropical oil, offsetting concerns about Malaysia's swelling stockpiles. Indonesia's decision to extend its palm oil export levy through the year-end is set to complicate Malaysia's efforts to drain its own storage tanks. The latest report on inventories from the Malaysian Palm Oil Board will cross the wires next week.
  • BNM Gov Shamsiah will deliver a keynote address at the Global Islamic Finance Forum 2022 today.
  • PM Ismail Sabri's audience with the King will draw attention on Thursday, as the Premier may use the opportunity to ask for a dissolution of parliament. The focus will then turn to the tabling of Budget 2023 on Friday.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.