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Ringgit Lowest Level Since Mid-July

MYR

USD/MYR is ~0.3% firmer this morning, broader USD/Asia trends are dominating flows.

  • The pair sits at its highest level since 12 July and last prints at 4.6295/4.6325 and is ~3% above levels seen at the start of August.
  • Bulls now target a break of the low from 12 July (4.6465) which opens the high from 26 June (4.6915). Bears first target the 20-Day EMA (4.5790).
  • A reminder that the calendar is empty until Friday when Q2 GDP and July Trade Balance are due. GDP is forecasted at 1.1% Q/Q for Q2.

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