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Ringgit Keeps Depreciating, Palm Oil Futures Slip

MYR

Spot USD/MYR is closing on the MYR4.7 figure after refreshing 24-year highs on Thursday. The pair last deals at MYR4.6940, little changed on the day, with topside technical focus falling on the all-time high of MYR4.8850. Bears need a retreat under the increasingly distant 50-DMA (MYR4.5349) to get some reprieve.

  • Palm oil futures slipped Thursday, but after-hours trade saw renewed gains for the tropical oil. The contract for December delivery stabilises under its 50-DMA, struggling to extend its recent recovery. Weak ringgit and palm oil's super-wide discount to soyoil have lent some support to Malaysia's flagship export commodity, but swelling Malaysian stockpiles, seasonal factors and global growth dynamics weigh on demand outlook.
  • Local data highlights next week include trade balance (Wednesday) & CPI (Friday). In the meantime, eyes are on offshore catalysts, including today's Chinese inflation data.
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