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Ringgit Pressured In Early Trade

MYR

The Ringgit has been pressured in early dealing on Wednesday as onshore participants digest yesterday's session which saw US Tsy Yields tick higher, which has partially unwound in Asia, and the USD also firm.

  • We sit at 4.7735/60 ~0.2% above yesterday's closing levels and well within the recent range.
  • The pair remains in an uptrend and bulls target a break of the 4.80 handle. On the downside bears look to first break the 20-Day EMA (4.7534) which opens the low from 2 Oct (4.6900).
  • October S&P Global Mfg PMI crossed this morning, the measure held steady at 46.8. The Output and New Orders components fell to their lowest levels since Jan 23.
  • Looking ahead, the BNM monetary policy decision is due tomorrow, ICYMI the MNI preview is here.
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