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Ringgit Goes Offered, Local Headline Flow Remains Light

MYR

Spot USD/MYR has edged higher in early trade, moving away from its worst levels of the week printed yesterday. It is difficult to pin the ringgit's move on any particular headline catalysts, domestic news flow has been fairly thin so far.

  • The rate changes hands +52 pips at MYR4.1812 at typing, with bulls looking to retake Jan 7 high of MYR4.2175 before targeting Dec 20 high of MYR4.2300. Bears need a fall through yesterday's low of MYR4.1720 before taking aim at Dec 31 low of MYR4.1642.
  • Benchmark palm oil futures traded on Bursa Malaysia Derivatives hit a fresh all-time high yesterday on expectations of tightening supply, in light of foreign labour shortages and adverse weather conditions in the Southeast Asian nation.
  • Bank Negara Malaysia will deliver their monetary policy decision next Thursday, but they are widely expected to keep all main policy settings unchanged. The next day, Malaysia's Department of Statistics will publish monthly CPI data.

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