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Ringgit Paring Tuesday's Gain In Early Dealing

MYR

The Ringgit has pared Tuesday's gains in early dealing, USD/MYR prints at 4.6180/6220 up ~0.2% from closing levels.

  • Broader greenback trends continue to dominate flows in recent sessions however ranges do remain relatively narrow as the pair consolidates above 4.60.
  • Technically the uptrend remains in place, bulls now target the high from 26 May at 4.6398. Bears first look to break the 20-Day EMA (4.5841) to turn the tide.
  • Palm Oil futures are at their highest level since 30 May and now sit ~9% above cycle lows seen in early June. Stronger soybean prices and the risk of an El Nino weather pattern on production have offset concerns about growing supply. More here.
  • A reminder that the domestic data calendar is empty for the remainder of the week.
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