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Ringgit Pressured In Early Dealing, Trade Balance On Tap This Week

MYR

The Ringgit is pressured in early trade on Monday as the greenback trims some of last weeks losses.

  • USD/MYR is up ~0.5% last printing 4.5475/45520, the Ringgit is paring some of its post US CPI outperformance.
  • Bulls target the low from 13 July (4.6237). Bears first target the 200-Day EMA (4.4973).
  • Palm Oil futures are ~1% firmer, the contract remains well with the monthly range and last prints at MYR3914. A 3800/4000 range has persisted in July.
  • Looking ahead the only data on the docket this week is June Trade Balance which crosses on Thursday. A surplus of MYR18.70bn is expected.

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