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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.
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