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Ringgit Remains Stable Amid Palm Oil Pullback

MYR

Spot USD/MYR holds steady in morning trade, last changing hands +7 pips at MYR4.4535. Bulls need a jump above Jul 27 high of MYR4.4625 before targeting Jan 4, 2017 high of MYR4.5002. Bears keep an eye on the 50-DMA, which kicks in at MYR4.4170.

  • Palm oil prices retreated on Monday as the recent rebound from cyclical lows lost steam. Futures for October delivery extended losses in after-hours trade, finishing -MYR35 at MYR4,025/MT. The tropical oil faltered in line with its substitutes and amidst continued assessment of the impact of boosted exports from Indonesia.
  • Barisan Nasional SecGen Zambry told reporters that the alliance hopes the Political Funding Bill would be tabled before the next general election.

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