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Ringgit Edges Higher In Muted Trade

MYR

Spot USD/MYR has shed 20 pips in muted Asia-Pac trade, with several markets across the region already shut for holidays. The rate last operates at MYR4.1875.

  • Bears look for a break below the 100-DMA/Jan 21 low at MYR4.1846/20 before taking aim at the 200-DMA/Jan 13 low at MYR4.1737/20. Conversely, a rebound above Jan 27 high of MYR4.2070 would bring Jan 7 high of MYR4.2175 into play.
  • Malaysian markets will close at midday ahead of a two-day break for the Federal Territory Day and Lunar New Year. Markit M'fing PMI will be published on Thursday, once the holidays are over.
  • The government said it will deploy additional officers to enforce adherence to Covid-19 rules during the festive period. Restrictions on interstate travel and reunion dinners have been relaxed, but the government has urged the public to "respond by playing their part."

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