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Ringgit Gains Ahead Of Local Industrial Output Data

MYR

Spot USD/MYR re-opened on a softer footing, catching up with post-NFP dynamics, which drove USD price action after Malaysian markets closed on Friday. The rate last trades -90 pips at MYR4.1995.

  • The main near-term bearish target is provided by MYR4.1642, which cushioned losses on New Year's Eve. On the flip side, a rebound above Jan 7 high of MYR4.2175 would bring Dec 20 high of MYR4.2300 into play.
  • The gov't will start distributing aid for flood victims from today, Bernama reported.
  • Malaysia's Department of Statistics will release November industrial output and sales data today. Bloomberg consensus looks for a 7.5% Y/Y increase in manufacturing production.

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