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Ringgit Clings To Familiar Range, Palm Oil Pops Higher After Hours

MYR

Spot USD/MYR trades flat at MYR4.4532 as we type, holding a familiar range. From a technical perspective, a clearance of Jul 21 high of MYR4.4583 would allow bulls to set their sights on Jan 4, 2017 high of MYR4.5002. Conversely, bears look for losses towards the 50-DMA, which intersects at MYR4.4112.

  • Palm oil futures (the most active contract) edged higher in after-hours trade but remained within a familiar range. The contract earlier printed a fresh one-week low in regular trading hours, with the edible oil weighed on by Indonesia's efforts to turbocharge shipments and drain its overflowing inventories.
  • Health Min Khairy said that Malaysia will step up surveillance measures related to the monkeypox disease, despite not yet having any confirmed cases.
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