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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.
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