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Ringgit Gains With BNM Due To Wrap Up Their MonPol Meeting

MYR

Bank Negara Malaysia are expected to keep their Overnight Policy Rate unchanged at the all-time low of 1.75% today (see our preview for more colour). Their decision comes a day before the release of monthly CPI report, which most expect to show a slight deceleration in consumer price growth.

  • The government decided to allow house visits and family reunion dinners during the upcoming Lunar New Year holidays.
  • Spot USD/MYR has shed 70 pips in early trade, the pair last deals at MYR4.1870. Further losses past Jan 13 low/200-DMA at MYR4.1720/19 would clear the way to Dec 31 low of MYR4.1642. Conversely, a rebound above Jan 7 high of MYR4.2175 would signal that bulls are having the upper hand.
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