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Ringgit Creeps Higher, Trims Gains

MYR

Spot USD/MYR went offered this morning before trimming some losses. The ringgit may have drawn some support from the implications of the ongoing war in Ukraine for global commodity markets, even as the spectre of possible return of risk aversion looms large. The interplay of these factors has likely driven price action so far.

  • The rate changes hands -62 pips at MYR4.1990, with bears looking for a sell-off past the 200-DMA, which intersects at MYR4.1797. Conversely, bulls look for a rally above yesterday's high of MYR4.2077 before targeting Jan 7 high of MYR4.2175.
  • Worth noting that Health Min Khairy said that the plan on the reopening of Malaysia's borders has been prepared, with an announcement from PM Ismail Sabri coming up.
  • Next week's docket is headlined by a monetary policy decision from Bank Negara Malaysia, with policymakers expected to keep the Overnight Policy Rate unchanged.
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