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Ringgit Pressured As Local Markets Re-Open

MYR

USD/MYR deals at 4.5955/75 the pair is ~0.4% higher in early dealing, onshore markets were closed yesterday for the observance of a national holiday.

  • The ringgit has unwound some of Friday's gains as broader USD trends dominate flows. Higher USD/CNH levels will also be a factor.
  • Technically an uptrend is now in place, bulls now target the high from 26 May at 4.6398. Bears first look to break the 20-Day EMA (4.5572) to turn the tide.
  • Palm Oil futures are pressured this morning, re-opening after being closed on Monday. The contract is down ~1.6% unwinding some of the gains seen late last week as we recovered off cycle lows.
  • On the wires a short time ago, Malaysia PM and Finance Minister Ibrahim noted that the fiscal deficit must be reduced but not too drastically. Also saying that Malaysia's stance on raising interest rates is thorough and prudent.
  • Looking ahead, on the wires on Thursday we have May 3 Foreign Reserves before Industrial Production crosses on Friday.
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