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Ringgit Rangebound, FinMin Zafrul Expects It To Strengthen

MYR

Spot USD/MYR changes hands at MYR4.3785, down 7 pips at typing, as weekend headline flow has failed to move the pair. Bears look for renewed losses after Friday's sell-off, setting their sights on May 12 low of MYR4.3730. A break here would open up May 5 low of MYR4.3337. On the flip side, May 19 cycle high of MYR4.4085 provides the initial bullish target.

  • FinMin Zafrul said Malaysia's strong economic fundamentals and prudent FX policies will help the ringgit recover from recent depreciation caused by a number of "temporary factors," such as continued tightening of global liquidity and China's weakening growth prospects.
  • PM Ismail Sabri said Zuraida Kamaruddin will remain Plantation Industries and Commodities Minister until he has made a decision on her possible resignation, after the two discuss the matter. Zuraida's further participation in the government has been called into question after she left ex-PM Muhyiddin's Bersatu party and joined Parti Bangsa Malaysia.
  • Malaysia's S&P Global M'fing PMI will hit the wires on Wednesday, the local data docket for this week is empty otherwise.
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