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Ringgit Extends Gains After Friday's 1.6% Rally

MYR

Spot USD/MYR tumbled last Friday, breaching its 50-DMA in the process, amid broad-based gains across EM FX space. The move was preceded by a bearish failure swing in the RSI and the appearance of a double top pattern on the daily chart. The pair last operates at MYR4.6185, down 35 pips on the day, as the new week gets underway.

  • From a technical perspective, bears now look for losses towards the 100-DMA at MYR4.5402, while bulls keep an eye on Nov 4 high of MYR4.7495.
  • Palm oil futures for January delivery advanced in after-hours trade last Friday as China adjusted its COVID-19 controls, raising the prospect of increased demand for the tropical oil from the world's second-largest economy. Elsewhere, it is worth noting that Indonesia said over the weekend that it will double palm oil output over the next two decades.
  • Malaysia's GDP rose 14.2% Y/Y in Q3, due to a strong outturn for consumer spending, smashing analysts' expectations. Bank Negara Malaysia said it now expects 2022 growth to exceed the government's +7.0% forecast, adding that inflation likely peaked at +4.5% in Q3. BoP current account surplus widened more than anticipated to MYR14.1bn in Q3 from MYR4.4bn prior.
  • The nation enters the final stretch ahead of its general election, which will see a fierce battle between the three main political groups. Voting may be complicated by adverse weather conditions. Flash floods hit various places across Malaysia, resulting in the relocation of more than 1,800 people, after the monsoon season began last week.
  • Malaysia's monthly trade data will cross the wires on Thursday.
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Spot USD/MYR tumbled last Friday, breaching its 50-DMA in the process, amid broad-based gains across EM FX space. The move was preceded by a bearish failure swing in the RSI and the appearance of a double top pattern on the daily chart. The pair last operates at MYR4.6185, down 35 pips on the day, as the new week gets underway.

  • From a technical perspective, bears now look for losses towards the 100-DMA at MYR4.5402, while bulls keep an eye on Nov 4 high of MYR4.7495.
  • Palm oil futures for January delivery advanced in after-hours trade last Friday as China adjusted its COVID-19 controls, raising the prospect of increased demand for the tropical oil from the world's second-largest economy. Elsewhere, it is worth noting that Indonesia said over the weekend that it will double palm oil output over the next two decades.
  • Malaysia's GDP rose 14.2% Y/Y in Q3, due to a strong outturn for consumer spending, smashing analysts' expectations. Bank Negara Malaysia said it now expects 2022 growth to exceed the government's +7.0% forecast, adding that inflation likely peaked at +4.5% in Q3. BoP current account surplus widened more than anticipated to MYR14.1bn in Q3 from MYR4.4bn prior.
  • The nation enters the final stretch ahead of its general election, which will see a fierce battle between the three main political groups. Voting may be complicated by adverse weather conditions. Flash floods hit various places across Malaysia, resulting in the relocation of more than 1,800 people, after the monsoon season began last week.
  • Malaysia's monthly trade data will cross the wires on Thursday.