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Ringgit Little Changed, BNM Leaves Rates Steady

MYR

The Ringgit is little changed in early trade on Friday, ranges have been narrow with little follow on moves.

  • USD/MYR continues to hold in narrow ranges a touch off YTD highs, the pair last prints at 4.6760/90.
  • Bulls target the high from 26 June (4.6915), a break through here opens the high from Nov 4 2022 (4.7495). Bears first target the 20-Day EMA (4.6441).
  • BNM held the Overnight Policy Rate at 3.00% yesterday as expected. The banks statement dropped a phrase from the previous meeting that had characterised core inflation as “elevated”, the latest reading of core CPI was 2.8%. The bank also cited two-way risks to growth.
  • Looking ahead, on Monday July Industrial Production crosses, a rise of 1.5% Y/Y is expected.

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