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Ringgit Continues To Lose Altitude

MYR

Spot USD/MYR has added 68 pips and last changes hands at MYR4.4845 amid continued greenback strength. The rate printed a new cycle high earlier this morning, after five consecutive days of gains.

  • From a technical standpoint, the next layer of resistance if provided by Jan 4, 2017 high of MYR4.5002. On the flip side, bears look for a retreat below the 50-DMA which kicks in at MYR4.4372.
  • Palm oil futures edged higher last Friday. Meanwhile, Intertek data showed that Malaysia's palm oil exports grew 9.09% MM during the first 20 days of the month.
  • Economists participating in a Bloomberg survey revised their Q3 GDP growth forecast to +9.8% Y/Y from +8.1%, with Q4 projection tweaked to +4.1% from +5.0%, resulting in the full-year estimate being upgraded to +6.5% from +6.1%.
  • Monthly CPI data, due Friday, provides the highlight of Malaysia's data docket for this week.
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