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Ringgit Gains Ahead Of BNM Policy Decision

MYR

Spot USD/MYR re-opened a tad lower this morning before trimming some losses. The rate operates at MYR4.1908, down 45 pips on the day, with participants awaiting a monetary policy decision from Bank Negara Malaysia.

  • Bears look for losses past the 200-DMA, which intersects at MYR4.1813. Conversely, a rebound above Feb 24 high of MYR4.2077 would bring Jan 7 high of MYR4.2175 into view.
  • Analysts unanimously expect Bank Negara Malaysia to keep the Overnight Policy Rate unchanged at an all-time low of 1.75% and wait for more signs of a sustainable economic recovery (see our preview for more colour).

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