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Ringgit Pressured In Early Dealing, Rasheed new BNM Governor

MYR

USD/MYR prints at 4.6230/60 the pair is ~0.2% firmer in early dealing.

  • 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 (4.5669) to turn the tide.
  • Palm Oil futures are trimming some of Fridays ~3% gain, down ~0.6%. We remain well within recent ranges and sit ~4.5% off cycle lows registered in early June.
  • Global Investors sold a net of $18.8mn of Malaysian equities on Friday. This was the 9th straight day of outflows and the total for June to date sits at $121.3mn.
  • The government will extend existing subsidies and price controls for poultry and eggs beyond the original June 30 deadline, more here.
  • Malaysia named Shaik Rasheed Abdul Ghaffour as its new central bank governor, Malaysia's king approved Rasheed as the governor from July 1 for a period of 5 years. More here.
  • The local data calendar is empty this week.
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