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Ringgit Remains Stable Despite Hawkish Fed Talk

MYR

Spot USD/MYR trades at MYR4.4368, little changed on the day, with the space digesting overnight impetus. The ringgit shows resilience in the face of continued inflow of hawkish Fedspeak & headwinds for Malaysia's palm oil industry.

  • Bears look for a retreat towards the 50-DMA, which intersects at MYR4.3981, just above the MYR4.3958/45 area which provided a layer of support in the second half of June. Bulls need a clearance of Jul 12 high of MYR4.4402 before targeting Mar 23, 2020 high of MYR4.4490.
  • Palm oil futures plunged to their worst levels in more than 9 months Wednesday amid growing recessionary fears, with renewed competition with top producer Indonesia limiting Malaysia's export capacity. Late doors Wednesday, Jakarta announced a temporary halt on sending migrant workers to Malaysia, which is set to exacerbate labour shortages already putting a strain on Malaysian palm oil producers.
  • Minister Junaidi said the anti-party hopping law to be tabled in parliament on Monday may become law by late August or early September.
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