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Ringgit Loses Ground In Line With Regional Trend

MYR

Spot USD/MYR has added 58 pips this morning, catching up with overnight greenback strength, with the ringgit on track for a weekly loss. The rate last changes hands at MYR4.3990.

  • Topside technical focus falls on May 26 high of MYR4.4012 and should it give way, bulls could target May 19 high of MYR4.4085. Bears need a fall through May 31 low of MYR4.3643 before looking for a deeper sell-off.
  • Some analysts are suggesting that PM Ismail Sabri may keep Zuraida Kamaruddin in his Cabinet as he struggles to name a replacement. For the record, Zuraida told reporters on Thursday that she is "yet to get a data" to meet the Premier and discuss her potential resignation, but she was "ready" to continue as Plantation Industries and Commodities Minister.
  • Agriculture and Food Industries Minister Kiandee outlined new measures to address food prices and supplies, in line with PM Ismail Sabri's recent pledge, focusing on poultry.
  • Malaysia's Department of Statistics will publish industrial output data later today.
  • Elsewhere, FinMin Zafrul will launch Khazanah Nasional Bhd.'s Sustainability Framework.
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Spot USD/MYR has added 58 pips this morning, catching up with overnight greenback strength, with the ringgit on track for a weekly loss. The rate last changes hands at MYR4.3990.

  • Topside technical focus falls on May 26 high of MYR4.4012 and should it give way, bulls could target May 19 high of MYR4.4085. Bears need a fall through May 31 low of MYR4.3643 before looking for a deeper sell-off.
  • Some analysts are suggesting that PM Ismail Sabri may keep Zuraida Kamaruddin in his Cabinet as he struggles to name a replacement. For the record, Zuraida told reporters on Thursday that she is "yet to get a data" to meet the Premier and discuss her potential resignation, but she was "ready" to continue as Plantation Industries and Commodities Minister.
  • Agriculture and Food Industries Minister Kiandee outlined new measures to address food prices and supplies, in line with PM Ismail Sabri's recent pledge, focusing on poultry.
  • Malaysia's Department of Statistics will publish industrial output data later today.
  • Elsewhere, FinMin Zafrul will launch Khazanah Nasional Bhd.'s Sustainability Framework.