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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Krzysztof Kruk

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Ringgit Goes Offered After Holiday