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Ringgit Rises To Fresh YtD High In Thin Trade

MYR

Spot USD/MYR has faltered and is poised to extend its current losing streak to five straight sessions. The rate moved through the former YtD low of MYR4.0310 printed on Dec 18. It last operates -75 pips at MYR4.0290, touching worst levels since mid-2018.

  • A break under Jul 10, 2018 low of MYR4.0083 would turn focus to the round figure/76.4% retracement of the 2018 - 2020 rally at MYR4.0000/3.9936. However, a rebound above Dec 23 high of MYR4.0673 would clear the way to Dec 7 high of MYR4.0885.
  • The U.S. slapped an import ban on Malaysian palm oil giant Sime Darby Plantation and its local subsidiaries, affiliates and joint ventures over alleged use of forced labour.
  • The next point of note on Malaysian economic calendar is Monday's release of Markit M'fing PMI.
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