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Ringgit Firms With Border Reopening In Sight

MYR

Spot USD/MYR slipped onto its 100-DMA this morning, playing catch-up with recent greenback moves and absorbing the impact of Malaysian PM's comments on border reopening prospects. The rate last operates -35 pips at MYR4.1755.

  • A clean breach of the 100-DMA, which intersects at MYR4.1730, would turn focus to Sep 15 low of MYR4.1572. On the flip side, a bounce above Sep 30 high/50-DMA at MYR4.1970/4.1979 would give bulls a green light for targeting Aug 18 high of MYR4.2450.
  • PM Ismail Sabri told local reporters that broader relaxation of curbs on mobility is drawing nearer. The government is looking to lift all restrictions on interstate travel and then reopen border to foreign travellers once 90% of the adult population have been fully vaccinated against Covid-19. The Premier hinted that "December is possible" as a date of reopening borders, but "it's still too early at the moment."
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