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Ringgit Refreshes Cyclical Lows, Offshore Catalysts In Driving Seat

MYR

Spot USD/MYR has appreciated in line with a surge in the broader dollar amid another round of aggressive sterling sales in reaction to the UK gov't's fiscal announcements. The rate's upward trajectory has flattened after the PBOC stepped in to slow yuan depreciation by imposing a 20% risk reserve requirement on FX forward sales.

  • Spot USD/MYR last deals +155 pips at MYR4.5930, which represents new cyclical highs. Topside technical focus falls on MYR4.6100, which capped gains twice in January 1998. Bears keep an eye on the 50-DMA, which kicks in at MYR4.4832.
  • The ringgit remains vulnerable to the unpredictability of domestic politics, with the market kept in the dark about the date of the next general election. Ruling party heavyweights are pressuring PM Ismail Sabri to dissolve parliament early, but there are concerns about holding a general election during the annual monsoon season.
  • Palm oil futures weakened last Friday as participants continue to assess the ramifications of Indonesia's rivalry for market share with Malaysia, as top two producers of the tropical oil seek to reduce their stockpiles. Meanwhile, high-frequency data from Intertek showed that Malaysia's palm oil shipments rose 20.89% M/M in the first 25 days of the month.
  • The BNM reported that Malaysia's foreign reserves fell to MYR467.8bn in the week through Sep 15, reaching the worst levels since Dec 2020.
  • The local economic docket is virtually empty this week.
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Spot USD/MYR has appreciated in line with a surge in the broader dollar amid another round of aggressive sterling sales in reaction to the UK gov't's fiscal announcements. The rate's upward trajectory has flattened after the PBOC stepped in to slow yuan depreciation by imposing a 20% risk reserve requirement on FX forward sales.

  • Spot USD/MYR last deals +155 pips at MYR4.5930, which represents new cyclical highs. Topside technical focus falls on MYR4.6100, which capped gains twice in January 1998. Bears keep an eye on the 50-DMA, which kicks in at MYR4.4832.
  • The ringgit remains vulnerable to the unpredictability of domestic politics, with the market kept in the dark about the date of the next general election. Ruling party heavyweights are pressuring PM Ismail Sabri to dissolve parliament early, but there are concerns about holding a general election during the annual monsoon season.
  • Palm oil futures weakened last Friday as participants continue to assess the ramifications of Indonesia's rivalry for market share with Malaysia, as top two producers of the tropical oil seek to reduce their stockpiles. Meanwhile, high-frequency data from Intertek showed that Malaysia's palm oil shipments rose 20.89% M/M in the first 25 days of the month.
  • The BNM reported that Malaysia's foreign reserves fell to MYR467.8bn in the week through Sep 15, reaching the worst levels since Dec 2020.
  • The local economic docket is virtually empty this week.