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Ringgit Finds Poise, USD/MYR Moves Away From Cycle High

MYR

Spot USD/MYR trades -110 pips at MYR4.3935, catching up with overnight greenback sales. Bears look for a slide through May 12 low of MYR4.3730 before targeting May 5 low of MYR4.3337. Conversely, a breach of yesterday's high of MYR4.4085 is needed before bulls can take aim at Mar 23, 2020 high of MYR4.4490.

  • Worth noting that MYR/JPY fell below the neckline of a double top pattern charted over the last few weeks. The rate has edged higher this morning, and last sits at Y29.09, with bulls trying to reclaim the neckline at Y29.21.
  • Palm oil futures fell Thursday as Indonesia lifted the export ban on its flagship commodity from Monday. Some analysts speculated that Indonesia's U-turns on export controls have undermined its credibility as a top CPO producer, opening space for Malaysia's (second largest CPO producer) to expand its presence in the market.
  • In local news, PM Ismail Sabri suggested that a law separating the roles of the Attorney General and Public Prosecutor could soon be proposed.
  • Looking ahead, Malaysia's April CPI will hit the wires next Wednesday.
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