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Ringgit Falls Prey To Post-FOMC Flows

MYR

Spot USD/MYR re-opened on a firmer footing and has extended gains thereafter, with post-FOMC greenback strength in the driving seat.

  • The rate last changes hands +155 pips at MYR4.2060 and a break above Jan 7 high of MYR4.2175 would suggest that bulls are having the upper hand. Conversely, a break below the 100-DMA/Jan 21 low at MYR4.1839/20 would allow bears to target the 200-DMA/Jan 13 low at MYR4.1732/20.
  • Palm oil futures traded in Kuala Lumpur hit a fresh all-time high on Wednesday, amid concerns over tighter supply from Malaysia and higher crude oil prices.
  • Health Min Khairy warned that the wave of infections with the Omicron coronavirus variant has begun in Malaysia, with daily cases expected to rise going forward. Khairy played down the threat to the healthcare system, pointing to Malaysia's high vaccination rate.
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