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Ringgit Rangebound, Trade Data Eyed

MYR

Spot USD/MYR trades at MYR4.2385 as we type, virtually unchanged on the day, as participants continue to assess the implications of the emergence of the Omicron coronavirus variant.

  • The rate failed to take out MYR4.2500 on Friday and this round figure remains the key topside target. A break here would open up MYR4.2725, which capped gains on Jul 14 & 17, 2020. Bears would be pleased by a pullback under Sep 30 high of MYR4.1970, a recent breakout point.
  • Malaysia joined the rush to ban inbound flights from South Africa, as scientists assess the risks of the Omicron variant. The rule took effect on Saturday. Separately, Health Min Khairy described the new variant as "serious" and introduced measures to accelerate the roll-out of booster vaccines.
  • PM Ismail Sabri is visiting Singapore today and will oversee the launch of the bilateral Vaccinated Travel Lane (VTL), alongside his Singaporean counterpart Lee.
  • Data-wise, focus in Malaysia turns to monthly trade balance, due within a few hours.
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