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Ringgit Goes Offered After Holiday


Spot USD/MYR advances amid an upswing in U.S. Tsy yields, as Malaysian markets re-open after a public holiday. The rate last sits at MYR4.2668, up 113 pips on the day.

  • The rate is hitting fresh cycle highs, with bulls looking to a rally above the 61.8% retracement of the Mar 23, 2020 - Jan 4, 2021 sell-off at MYR4.2758. A break here would open up Jun 29, 2020 high of MYR4.2955. On the flip side, bears look for a pullback under Nov 26, 2021 high of MYR4.2490 towards Apr 14 low of MYR4.2225.
  • Malaysia's Department of Statistics will publish monthly CPI data this Friday. Economists expect that inflation may have accelerated to +2.3% Y/Y in March from +2.2% prior, according to a Bloomberg survey.

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