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Ringgit Rangebound Despite Rebound In Palm Oil Prices

MYR

Spot USD/MYR oscillates around neutral levels, refreshing its cyclical highs in the process. The rate last changes hands +15 pips at MYR4.4555, with bulls looking for a move through Mar 10, 2017 high of MYR4.4618. Bears keep an eye on the 50-DMA, which intersects at MYR4.4041.

  • Palm oil futures returned above MYR4,000/MT, with some analysts noting that some buyers deem the edible oil more attractive in the wake of the recent slide in its prices.
  • Malaysia is seeking ways to ease domestic labour shortage. Home Minister Hamzah said Kuala Lumpur will enter immediate talks with Indonesia on the latter's decision to halt sending workers abroad. Malaysia will also allow workers from 15 source countries to work in selected sectors (manufacturing, construction, services).
  • Looking ahead, Malaysia's international merchandise data will be out tomorrow, with CPI due for release on Friday.

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