Free Trial

Ringgit Oscillates In Familiar Range, Offshore Impetus In Driving Seat


Spot USD/MYR has added 37 pips thus far to last trade at MYR4.4030, with the move driven solely by overnight greenback purchases. The rate still sticks to a tight range, with its ADX trending lower.

  • From a technical standpoint, a move through Jun 14 high of MYR4.4255 could reignite bullish momentum. Bears look for a slide through Jun 17 low of MYR4.3945 before taking aim at May 31 low of MYR4.3643.
  • Palm oil finished lower on Wednesday after meandering through the session, as participants assessed the outlook for production and export of the edible oil.
  • The Agriculture Ministry said it will extend the price cap on poultry chicken to keep a lid on costs of food, walking back on earlier plans to terminate the measure come the end of the month. But the price ceiling will be raised to MYR9.40/kg of standard chicken from MYR8.90/kg, effective Friday.
  • On the data front, focus turns to S&P Global M'fing PMI, due Friday.

To read the full story

Why Subscribe to


MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.