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Ringgit Gains Ahead Of Malaysia's Q2 GDP

MYR

Spot USD/MYR opened on the back foot as onshore markets reacted to below-forecast U.S. CPI data released overnight. The pair last deals at MYR4.4375, down 182 pips on the day, after lodging worst levels since Jul 18.

  • From a technical standpoint, bears look for a sell-off past the 50-DMA, which intersects at MYR4.4266. Bulls need a rebound above Aug 8 high of MYR4.4633 before taking aim at Jan 4, 2017 high of MYR4.5002.
  • Palm oil future clawed back their opening losses on Wednesday, which continued in after-hours trade, as the commodity complex firmed in reaction to U.S. CPI report. Meanwhile, palm oil stockpiles in Malaysia grew 7.7% M/M in July, reaching the highest level in eight months and matching consensus forecast. Production rose 1.8% M/M, even as analysts expected a contraction. Exports climbed almost 11.0% M/M, beating the median estimate of +2.0%. Higher-frequency data from AmSpec showed that Malaysia's palm oil shipments rose 10.0% M/M during the first 10 days of this month.
  • Reminder that Malaysia's Q2 GDP & BoP current account balance will cross the wires today. It is expected that annual economic growth accelerated to +7.0% Y/Y from +5.0% in Q1, according to Bloomberg consensus forecast.
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