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Free AccessRinggit Nears 24-Year Lows Post-Fed, Malaysia's CPI To Hit Friday
Spot USD/MYR has added 150 pips this morning to last trades at MYR4.5685, approaching 24-year highs printed yesterday at MYR4.5695, as emerging Asia digests Wednesday's FOMC monetary policy decision. A clearance of MYR4.5695 would expose the next bullish target at MYR4.6100, which capped gains twice in Jan 1998. Bears look for a correction past the 50-DMA at MYR4.4774.
- Palm oil futures advanced Wednesday as data showed a jump in Malaysian shipments in the first 20 days of the month. The slump in the ringgit lent further support to the edible oil. Eyes are on the ongoing Globoil conference which started on Wednesday.
- FinMin Zafrul warned Malaysia is facing a more challenging 4Q2022 and the entirety of 2023 amid a broader global economic slowdown. He ruled out pegging the ringgit to the U.S. dollar and played down the recent depreciation in the value of the domestic currency, reiterating that many of its regional peers have fared worse.
- The domestic docket is virtually empty today, with monthly CPI coming up Friday. Headline inflation is expected to have quickened to +4.7% Y/Y from +4.4% prior.
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