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Ringgit Keeps Weakening, Malaysia's Foreign Reserves Edge Higher

MYR

Bullish momentum remains behind spot USD/MYR which printed new cyclical highs this morning. The pair last operates +28 pips at MYR4.4888 as hawkish Fed positioning ahead of the Jackson Hole symposium applied pressure to emerging Asian FX.

  • The next topside technical target is provided by Jan 4, 2017 high of MYR4.5002. Conversely, bears eye the 50-DMA (MYR4.4387) for initial support.
  • Palm oil futures re-opened on a firmer footing as the new week got underway, trimming some gains as the Monday session progressed. Data from cargo surveyor SGS showed that Malaysia's palm oil exports fell 0.8% M/M in the first 20 days of the month (versus +9.1% reported by Intertek and -3.8% reported by AmSpec Agri).
  • Malaysia's foreign reserves grew to $110.9bn in the two weeks through Aug 15 from $109.2bn prior, extending its rebound from multi-month lows recorded in mid-July.
  • Participants look ahead to the release of monthly CPI data this Friday.
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