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Ringgit Marginally Weaker In Early Trade, Industrial Production Beats Estimates

MYR

USD/MYR prints at 4.4470/4500, the pair is ~0.1% firmer as the Ringgit follows the broader USD/Asia trend in early dealing.

  • Ranges have been narrow in recent sessions with little follow through on moves, with the pair supported at 4.43 and facing resistance above 4.45.
  • Bears target the low from April 14 at 4.3828, bulls first look to break the high from May 2 at 4.4665.
  • March Industrial Production printed at 3.1% Y/Y firmer than the expected 0.7% Y/Y yesterday. Manufacturing Sales Value rose 8.0% Y/Y in March.
  • Foreign Reserves data from 28 April saw overall reserves tick lower to $114.4bn from the prior read of $115.9bn.
  • The next data of note is Friday's Q1 GDP print, a Y/Y growth of 4.8% is expected.

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