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Ringgit Creeps Higher, Malaysia Eases Rules On Border With Singapore

MYR

Spot USD/MYR trades on a softer footing, last -20 pips at MYR4.1523. Overnight greenback weakness seems to be the main driver, albeit the imminent reopening of air route with Singapore may be providing some modest support to the ringgit.

  • Bears set their sights on the 200-DMA/Oct 29 low at MYR4.1394/92 and a break here would shift focus to Sep 10 low of MYR4.1300. Meanwhile, gains past Nov 5 high of MYR4.1607 would expose the 50-DMA at MYR4.1649.
  • Singapore and Malaysia will open a two-way quarantine-free travel corridor between Changi Airport and Kuala Lumpur International Airport from Nov 29, which is one of the world's busiest air routes. Respective governments said that there are plans to open the land border in "the near future."
  • Industrial output headlines Malaysia's data docket today, with GDP and BoP current account balance coming up Friday.
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