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Ringgit Edges Higher Amid Firmer Palm Oil

MYR

Spot USD/MYR extends the prior day's losses to last change hands at MYR4.7087, down 50 pips versus neutral levels. The recent pullback in U.S. Tsy yields brings some reprieve to Asia EM currencies, dragging USD/MYR off cyclical highs. Bears look for further losses towards Oct 6 low of MYR4.6270. Bulls need a clearance of Oct 25 high of MYR4.7440 before taking aim at the MYR4.8850 all-time high.

  • Palm oil futures firmed yesterday, before giving back most gains. After-hours trade brought a fresh round of purchases, allowing the most active contract to approach earlier highs. Rival soyoil's premium over palm oil held near record highs, turning bargain hunters' interest towards the tropical oil. On the other hand, the Malaysian Palm Oil Association said that crude palm oil output may have grown 7.5% M/M in the first 20 days of the month, which would be a better outcome than expected.

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