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Ringgit Pressured In Early Trade


The Ringgit has been pressured this morning as local participants digest yesterday's US CPI print. CPI rose more than expected in September however the Y/Y increase was the lowest since 2021.

  • USD/MYR prints at 4.7315/55 the pair is ~0.5% higher this morning and sits a touch off the top of its recent range.
  • Technically the uptrend in USD/MYR remains in place, bulls target a break of the YTD high (4.7397) this opens 4.7973 a Fibonacci projection. On the downside bears look to first break the 20-Day EMA (4.7072) to turn the tide.
  • Looking ahead the local docket is empty until next Thursday when September Trade Balance is due. September CPI crosses next Friday (20 Oct).

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