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Ringgit Firmer In Early Dealing, Industrial Production On Tap

MYR

USD/MYR has opened ~0.2% softer today paring some of yesterday's gains as broader greenback trends continue to dominate flows.

  • The pair is holding above the 4.60 handle thus far and last prints at 4.6100/30.
  • Technically the uptrend remains in place, bulls now target the high from 26 May at 4.6398. Bears first look to break the 20-Day EMA (4.5669) to turn the tide.
  • Palm Oil futures are firmer up ~3%, the contract sits ~5.5% above cycle lows registered in early June, however remains down ~16% in 2023.
  • On the wires in ~45 minutes we have April Industrial Production, which is expected to rise 2.0% Y/Y the prior read was 3.1%.

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