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Ringgit On Back Foot After Pullback In Palm Oil Futures

MYR

Spot USD/MYR resumes gains, last changing hands +27 pips at MYR4.7277. The pair advances in tandem with all USD/Asia crosses, with ADXY closing in on the 96.00 mark.

  • From a technical standpoint, bulls need a clearance of Oct 25 high of MYR4.7440 before setting their sights on the all-time high of MYR4.8850. Bears look for losses past Oct 27 low of MYR4.7028, followed by Oct 6 low of MYR4.6270.
  • Palm oil futures for January delivery faltered ahead of the weekend as their recovery rally ran out of steam on a failed test of the 100-DMA. Expectations of seasonal weakening in demand resurfaced, reinforcing concerns surrounding bloated stockpiles in top producing countries. This outweighed the potential impact of the monsoon season on crude palm oil output.
  • Bank Negara Malaysia is expected to raise its Overnight Policy Rate by 25bp this Thursday. Almost all economists surveyed by Bloomberg have forecast such an outcome, with the lone dissenter looking for a pause in the tightening cycle.
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