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Ringgit Pares Early Gains

MYR

The Ringgit strengthened as much as 0.5% in early trade before paring gains as higher US Tsy Yields and risk off flows weigh.

  • USD/MYR sits at 4.7325/50, ~0.1% below yesterday's closing levels. Support was seen at the 20-Day EMA (4.7120) in early trade.
  • Bulls target a break of the high from 16 Oct (4.7417) which opens 4.7973, a Fibonacci projection. On the downside bears look to first break the 20-Day EMA which opens the low from 2 Oct (4.6900).
  • Malaysia has kept its November Export Tax for Crude Palm Oil at 8% and lowered the reference price to MYR3556.08/tonne. The tax has been steady at 8% since January 2021. The export duty structure starts at 3% when prices are in the MYR2,250-2400/tonne range, with the 8% rate kicking in at MYR3,450.
  • A reminder that the local docket is empty until Thursdays September Trade Balance, on Friday September CPI and Foreign Reserves are due.
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