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Ringgit Firms Upon Return From Long Weekend

MYR

Spot USD/MYR falters as onshore markets re-open after a holiday-elongated weekend, catching up with yesterday's monetary policy decision from the Fed. The rate last deals at MYR4.3420, down 118 pips on the day.

  • Should the rate retreat past Apr 22 low of MYR4.2900, bears could take aim at MYR4.2490, which capped gains on Nov 26, 2021. Bulls look for a rebound above Apr 28 high of MYR4.3687 before setting their sights on May 18, 2020 high of MYR4.3725.
  • Malaysia's public holiday comes to an end after more than 950k travellers crossed the border with Singapore over the long weekend. Data provided by Malaysia's immigration authorities signal the resumption in travel activity following the re-opening of land borders at the beginning of April.
  • On the data front, focus turns to Malaysia's S&P Global Manufacturing PMI today.

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