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Ringgit Extends Gains, PM To Unveil Cabinet Line-Up

MYR

Spot USD/MYR has extended its rout this morning and now trades -15 pips at MYR4.2017, after testing its 50-DMA at MYR4.1986 early on. The rate showed at its lowest point in six weeks in the wake of yesterday's risk-on flows, which sapped some strength from the greenback.

  • PM Ismail Sabri is expected to unveil the line-up of his new Cabinet today after striking a ceasefire agreement with the opposition on Wednesday.
  • Malaysia's CPI slowed markedly to +2.2 Y/Y in July from +3.4% recorded in June, missing BBG & RTRS median estimates of +2.9%.
  • The next point of note on the local economic docket is provided by monthly trade report, coming up Friday.
  • Bears need the aforementioned 50-DMA to give way, before they can take aim at Jul 15 low of MYR4.1955. Meanwhile, a rebound above Aug 5 low of MYR4.2105 would shift focus to Aug 18 cycle high of MYR4.2450.
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