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Ringgit Goes Offered Upon Return From Holiday

MYR

Spot USD/MYR last sits at MYR4.1590, 50 pips higher on the day, as local markets reopened after a market holiday. The rate printed a fresh two-week high at MYR4.1597 earlier this morning.

  • Bulls would be pleased by further gains past the 50-DMA at MYR4.1672 and towards Oct 18 high of MYR4.1720. On the flip side, a pullback under Oct 29 low/200-DMA at MYR4.1392/84 would bring Sep 10 cycle low of MYR4.1300 into view.
  • The King signed off on PM Ismail Sabri's advice to terminate the state of emergency in Sarawak, opening the path to a delayed state election there. The emergency will expire on Feb 2, with voters set to cast their ballots within 60 days from that date.
  • In case you missed it, Bank Negara Malaysia held the Overnight Policy Rate unchanged at 1.75% at its final monetary policy meeting this year, as had been expected by virtually all analysts.
  • Malaysia's economic docket for next week includes industrial output (Tuesday) as well as BoP current account balance & GDP (Friday).
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