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Ringgit Falters Amid Demand For USD, Weaker Palm Oil Prices

MYR

Spot USD/MYR has added 35 pips and last deals at MYR4.4585, driven by hawkish readjustment of Fed rate-hike bets & weakening palm oil prices.

  • From a technical standpoint, bulls need a break above Jul 27 high of MYR4.4625 before targeting Jan 4, 2017 high of MYR4.5002. Bears look for losses past the 50-DMA, which kicks in at MYR4.4184.
  • Comments from several Fed speakers crossed the wires on Tuesday, with the general message amounting to an expression of continued resolve in fighting inflation.
  • Palm oil went offered Tuesday, extending losses in after-hours trade. Futures for October delivery are close to erasing last week's advance, which was biggest in two decades. Pressure on the tropical oil may have been amplified by reports that Indonesia is considering extending export tax waiver beyond the current end-August deadline.
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