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Ringgit Firms Due To Overnight USD Weakness


Spot USD/MYR re-opened on a weaker footing in the wake of overnight greenback sales, with local headline flow providing little in the way of notable catalysts.

  • The rate last trades at MYR4.3965, down 68 pips on the day, with bears setting their sights on May 31 low of MYR4.3643. Bulls keep an eye on Jun 14 high of MYR4.4255.
  • PM Ismail Sabri refused to comment on the timing of the next general election and noted that the current spell of political stability allows the government to focus on fighting inflation.
  • Malaysia's monthly trade data will hit the wires later today. Exports growth is expected to have accelerated to +30.3% Y/Y in May, a Bloomberg survey showed.

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