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Ringgit Marginally Outperforming, Mfg PMI Rises In March

MYR

USD/MYR prints at 4.42/43, ~0.2% firmer today.

  • The Ringgit is marginally outperforming USD/Asia this morning as it benefits from OPEC+ unexpected production cuts which were announced over the weekend. WTI futures are up ~5.5% having been as much as 7% firmer in early trade. Palm Oil futures are also firmer currently up ~2.5% having risen over 3% in early dealing.
  • Bears target the March lows at 4.3857, bulls look to break the 20-Day EMA to turn the tide (4.4406).
  • The Mfg PMI rose in March to 48.8 from 48.4, this is the highest print since September 2022 however the measure does remain in contractionary territory.
  • Looking ahead this is a quiet week data wise, Mar 31 Foreign Reserves is the only data due this week.
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