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Ringgit Pressured In Early Trade, GDP On Tap

MYR

USD/MYR prints at 4.4750/80, the pair is ~0.3% firmer today.

  • We now sit at the highest level since mid-March and USD/MYR is ~1% firmer this week. Palm Oil futures fell ~2.6% yesterday, however losses have been pared this morning with the contract up ~0.5%.
  • Bulls now target the high from Mar 9 at 4.5317. Bears first look to break the 20-Day EMA (4.4471) to turn the tide.
  • On the wires today we have Q1 GDP, a rise of 5.1% Y/Y is expected as growth moderates from 7.0% in Q4 2022. Q1 Current Account Balance is also expected to cross, the estimate is for a surplus of MYR21.5bn.

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