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Ringgit Slips Despite Above-Forecast Industrial Output Data

MYR

Spot USD/MYR has added 22 pips so far and last sits at MYR4.4567. A breach of Aug 8 high of MYR4.4633 would bring Jan 4, 2017 high of MYR4.5002 into play. Bears look for losses past the 50-DMA, which intersects at MYR4.4254.

  • Palm oil futures firmed on Tuesday, consolidating gains in after-hours trade. They drew support from continued increase in the prices of the tropical oil's substitutes as well as concerns that the latest tweaks to Indonesia's export tax rules might cause shipment delays.
  • The Department of Statistics released blowout industrial output figures on Tuesday. Factory production soared 12.1% Y/Y in June (versus +4.1% in May), despite consensus forecast looking for a +4.9% print. Manufacturing sales expanded 23.4% Y/Y after rising 15.7% in May.
  • Malaysia's Q2 GDP & BoP current account balance will cross the wires on Friday.
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