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Ringgit Pressured In Early Trade, June Trade Surplus Stronger Than Forecast

MYR

The Ringgit is pressured in early dealing as it continues to pare its post US CPI gains last week.

  • USD/MYR is up ~0.2%, and last prints at 4.5505/45 and sits ~1% above its low printed last Thursday post the US CPI print.
  • Bulls target the low from 13 July (4.6237). Bears first target the 200-Day EMA (4.4990).
  • The June Trade Balance printed yesterday, the surplus was firmer than forecast at MYR25.81bn vs MYR16.65bn expected.
  • Looking ahead; on Monday June CPI is due. CPI is expected to tick lower to 2.4% Y/Y from 2.8% Y/Y.

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