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Ringgit Retreats Despite Firmer Palm Oil Prices

MYR

Spot USD/MYR has added 110 pips today, extending its recent winning streak, despite an upswing in crude palm oil prices. The rate last sits at MYR4.2345 after posting fresh three-month highs this morning.

  • A break above Dec 15 high of MYR4.2387 would give bulls a green light for targeting Nov 26 high of MYR4.2490. On the flip side, bears look for a pullback towards Mar 17 low of MYR4.1823.
  • DAP SecGen Loke said that opposition lawmakers and PM Ismail Sabri agreed to hold a special parliament session in Ramadan month to table the anti-party hopping bill.
  • Looking ahead, Malaysia's monthly CPI data will hit the wires tomorrow.

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