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Ringgit Prints Three-Week High Monday


A sharp sell-off took spot USD/MYR past notable support from May 12 low of MYR4.3730 as the ringgit benefitted from firmer appetite for riskier currencies.

  • After a marginal uptick this morning, the rate sits at MYR4.3672, up 12 pips on the day. Renewed losses past May 5 low of MYR4.3337 would support the bearish case, while bulls set their sights on May 26/19 highs of MYR4.4012/4.4085.
  • Malaysia's headline flow has been rather quiet over the last 24 hours.
  • Reminder that the U.S. observed a public holiday on Monday.
  • Wednesday's S&P Global M'fing PMI provides the only point of note on the domestic docket this week.

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