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Ringgit Firms After Yesterday's US PMI Data

MYR

The Ringgit has firmed in early dealing as participants digest yesterday's US PMI print which was softer than forecast. USD/MYR is down ~0.4% and sits a touch above the 4.64 handle.

  • In Wednesday's dealing USD/MYR edged higher printing it's highest close since mid-July.
  • Despite this morning's fall USD/MYR remains in a strong uptrend, bulls target the high from 26 June (4.6915), a break through here opens the high from Nov 4 2022 (4.7495). Bears first target the 20-Day EMA (4.61033).
  • July CPI crosses tomorrow, a downtick in inflation to 2.1% Y/Y from 2.4% is expected.

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