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Ringgit Happy To Hug Tight Range, Shrugs Off Softer Palm Oil Prices


Spot USD/MYR trades at MYR4.3997, little changed on the day, with participants looking for fresh catalysts. Overnight new flow has been rather light, both locally and globally, with the U.S. out for a public holiday.

  • From a technical perspective, sales past MYR4.3945 would bring May 31 low of MYR4.3643 into view. Conversely, a rebound above Jun 14 high of MYR4.4255 would turn focus to Mar 23, 2020 high of MYR4.4490.
  • Palm oil futures traded in Kuala Lumpur showed below MYR5,000/MT on Monday for the first time since late February amid expectations that Indonesia will keep ramping up shipments following the removal of a temporary halt on exports.
  • Malaysia's Tourism, Arts and Culture Minister Shukri will launch the Tourism Industry Recovery Plan 2.0 this morning.
  • Malaysia's CPI figures for the month of May will hit the wires on Friday.

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