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Ringgit Edges Higher, Palm Oil Bounces


Spot USD/MYR trades at MYR4.4548, down 20 pips on the day, pressured by the spillover from risk-on flows seen after Asia hours on Wednesday.

  • The rate respects a familiar range, with bears looking for a dip towards the 50-DMA, which kicks in at MYR4.4196. Bulls need a clearance of Jul 27 high of MYR4.4625 before taking aim at Jan 4, 2017 high of MYR4.5002.
  • Palm oil futures bounced on Wednesday, snapping a two-day losing streak, but pared gains in after-hours trade. That said, prices remain at relatively subdued levels, as Indonesia's efforts to boost shipments prevent corrective rebounds from morphing into a full-fledged recovery.
  • Domestic headline flow was fairly light over the last 24 hours, while the data docket remains empty through the end of this week.

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