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Ringgit Happy To Hold Tight Range

MYR

Spot USD/MYR trades -12 pips at MYR4.2028, staying within yesterday's range. A break above Mar 29 high of MYR4.2260 would allow bulls to take aim at Mar 24/Dec 15 highs of MYR4.2373/87. Conversely, a dip through the MYR4.2000 figure, which limited losses on Wednesday, would shift focus to Mar 17 low of MYR4.1823.

  • In its annual Economic and Monetary Review released on Wednesday, Bank Negara Malaysia lowered its 2022 economic growth outlook (to +5.3%-6.3% Y/Y from +5.5%-6.5% Y/Y) and pledged that any tweaks to monetary policy would be "measured and gradual."
  • Focus moves to S&P Global M'fing PMI, due tomorrow.

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