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Ringgit Gains Amid Surge In Oil Prices, Parliament Back In Session

MYR

Spot USD/MYR has faltered this morning as a surge in crude oil prices supports the ringgit, owing to Malaysia's status as a net oil exporter. The rate changes hands -40 pips at MYR4.1982 as we type.

  • A dip through the 200-DMA at MYR4.1801 would allow bears to look for a deeper sell-off. Bulls look to a move through Feb 24 high of MYR4.2077 before taking aim at Jan 7 high of MYR4.2175.
  • Malaysia's King will open the session of parliament as lawmakers convene for the first time this year. The session will last through March 24. On the agenda: anti-party hopping law and preparing the country for the endemic phase of Covid-19.
  • Bank Negara Malaysia will announce their monetary policy review on Thursday, with no change to the main policy rate expected this week.

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