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Ringgit Inches Higher, Trade Data On Tap

MYR

Spot USD/MYR ticked lower in early trade, only to trim losses thereafter. It last operates -15 pips at MYR4.4475, with bears looking for a retreat towards the 50-DMA, which intersects at MYR4.4055. Bulls need a clearance of yesterday's high of MYR4.4585 before targeting the 2017 high of MYR4.5002.

  • FinMin Zafrul told lawmakers that the risk of Malaysia going bankrupt is "extremely slim," citing IMF data to back his claims. Malaysia's 5-year CDS premium last sits at 104bp, near recent two-year highs of 110bp.
  • Malaysia's international merchandise report will be published later today, with trade surplus expected to have reached MYR17.05bn in June after MYR12.62bn recorded in May.
  • The data may shed some light on Malaysian palm oil exports amid Kuala Lumpur's fierce competition for market share with Indonesia, after Jakarta resumed shipments of the edible oil.
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Spot USD/MYR ticked lower in early trade, only to trim losses thereafter. It last operates -15 pips at MYR4.4475, with bears looking for a retreat towards the 50-DMA, which intersects at MYR4.4055. Bulls need a clearance of yesterday's high of MYR4.4585 before targeting the 2017 high of MYR4.5002.

  • FinMin Zafrul told lawmakers that the risk of Malaysia going bankrupt is "extremely slim," citing IMF data to back his claims. Malaysia's 5-year CDS premium last sits at 104bp, near recent two-year highs of 110bp.
  • Malaysia's international merchandise report will be published later today, with trade surplus expected to have reached MYR17.05bn in June after MYR12.62bn recorded in May.
  • The data may shed some light on Malaysian palm oil exports amid Kuala Lumpur's fierce competition for market share with Indonesia, after Jakarta resumed shipments of the edible oil.