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Ringgit Posts One-Month Low


Spot USD/MYR gapped higher at the reopen, as the rate played catch up with overnight greenback strength linked to a round of above-forecast U.S. data. Malaysian headline flow from the last 24 hours has been rather limited. The ringgit printed its worst levels in one month vs. the greenback.

  • The rate last changes hands +60 pips at MYR4.1730. Should the rate manage to punch through the 100-DMA at MYR4.1826, bulls could take aim at Oct 6 high of MYR4.1875. Bears keep an eye on Nov 15 low of MYR4.1580 and a break here would shift focus to Nov 9 low of MYR4.1485.

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