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Ringgit Pressured In Early Trade

MYR

The Ringgit has been pressured in early trade as onshore participants digest higher US Tsy Yields on Monday.

  • USD/MYR sits a touch under YTD highs, the pair is up ~0.2% and last prints at 4.7775/7800.
  • Bulls now target 4.7973, a Fibonacci projection. On the downside bears look to first break the 20-Day EMA (4.7303) which opens the low from 2 Oct (4.6900).
  • A reminder on Friday that Advance Q3 GDP grew at 3.3% Y/Y, this was the first ever advance Print, up from 2.9% Y/Y in Q2. CPI was lower than forecast in September crossing at 1.9% Y/Y a downtick from the 2.0% observed in August.
  • The local docket is empty this week.

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