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Ringgit Gets Post-NFP Boost

MYR

Spot USD/MYR gapped lower at the reopen, catching up with Friday's post-NFP losses in the greenback. It is worth watching if previously outlined oil market dynamics move crude palm oil futures when trading reopens in Kuala Lumpur. The rate last sits 147 pips lower at MYR4.0980.

  • The 50-DMA has come into contact with the 200-DMA and the formation of a golden cross is in sight.
  • Nonetheless, bears are in control this morning and look for losses past Apr 30 low of MYR4.0877, towards the 100-DMA at MYR4.0796. On the flip side, a jump above May 6 high of MYR4.1267 would allow bulls to sigh with relief.
  • As a reminder, Malaysia's ban on all inter-state and inter-district travel take effect today and last until Jun 6.
  • Bernama cited Commodities Min Khairuddin as noting that Malaysia will receive nearly MYR300mn in windfall profit levy from the palm oil sector in 1Q2021.
  • All eyes are on Malaysia's Q1 GDP & BoP current account balance, coming up Tuesday.

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