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Ringgit On The Back Foot

MYR

Spot USD/MYR has added 108 pips so far, rising to its best levels since Aug 25, and last changes hands at MYR4.2093. It is hard to pin that move on any domestic catalysts, albeit worth noting that the DXY has posted an uptick this morning.

  • From a technical perspective, bulls would be pleased by further gains towards Aug 18 high of MYR4.2450, a key layer of resistance. Conversely, bears look to a retreat past the 100-DMA at MYR4.1844, which would open up the 50-DMA at MYR4.1692.
  • Opposition leader Anwar recognised calls from different quarters for his resignation after Pakatan Harapan took a beating in Melaka state election, but played down the urgency to do so.
  • There is a concern among Malaysian health experts that the nation could see another wave of Covid-19 infections in the wake of the Melaka poll. Dep Health Min Aaron Ago Dagang said that the gov't was prepared for such an eventuality.
  • Looking ahead, Malaysia's October CPI will hit the wires on Friday and consensus expects headline inflation to print at +2.8% Y/Y after a +2.2% print in September.

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