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Ringgit Holds Steady Ahead Of PM's Royal Audience

MYR

Spot USD/MYR trades flat at MYR4.6310 after moving away from multi-decade highs on Wednesday. Broader technical contours remain unchanged. A clearance of Oct 3 high of MYR4.6520 would allow bulls to take aim at the all-time high of MYR4.8850, while bears look for a pullback towards the 50-DMA, which kicks in at MYR4.5123.

  • Palm oil futures remained on upward trajectory Wednesday. The contract for December delivery rose for the fifth consecutive day and extended gains in after-hours trade. The tropical oil benefits from an increase in the prices of its closest substitutes, although the supply glut in Indonesia and Malaysia is expected to keep palm oil prices in check.
  • Politics takes centre stage in Malaysia, with PM Ismail Sabri set to attend an audience with the King this afternoon, before the tabling of Budget 2023 scheduled for Friday. The main question is whether the Premier will ask the monarch to dissolve parliament as soon as today.
  • The BNM will publish its bi-weekly update on foreign reserves tomorrow.

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