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Ringgit Firms A Tad, BNM Decision Eyed This Week

MYR

Spot USD/MYR has shed 35 pips in early Asia-Pac trade, playing catch-up with the greenback's moves seen after Malaysian markets closed last Friday, while U.S. NFP print missed expectations. The rate last operates at MYR4.1425.

  • Downside focus falls on the nearby Jun 25 low of MYR4.1423 and a clean break here would open up Jun 17 low of MYR4.1295. Conversely, a rebound above the 100-DMA at MYR4.1625 would shift focus to Aug 30 high of MYR4.1900.
  • Malaysia's Attorney General questioned the need for PM Ismail Sabri to call a vote of confidence to legitimise his government, even as the King asked the Premier to do it "as soon as possible" after his nomination.
  • Bank Negara Malaysia are set to deliver their next monetary policy decision on Thursday. All of the economists surveyed by Bloomberg expect the Overnight Policy Rate to remain on hold.
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