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Ringgit Slips On Offshore Market Impetus, BNM Play Straight Bat

MYR

Spot USD/MYR has moved higher in early trade, driven by broader greenback gains, with the first BNM monetary policy decisions already in the books.

  • Bank Negara Malaysia kept their Overnight Policy Rate unchanged at 1.75% on Thursday, as expected by virtually all analysts, and called the current stance of monetary policy "appropriate and accommodative." There statement provided no real surprises or major shifts in tone.
  • Malaysia's December CPI data will hit the wires later today. The consensus view is that inflation will moderate, any surprises on that front will draw attention. While Bank Negara Malaysia operates outside of an explicit inflation targeting framework, they are mandated to defend price stability. The central bank currently expects inflation to average at +2.0%-3.0% Y/Y in 2021.
  • Malaysia shortened the quarantine period for some travellers to between five to 10 days, depending on one's vaccination status, and re-opened the Vaccinated Travel Lane (VTL) with Singapore.
  • Spot USD/MYR trades +50 pips at MYR4.1945, with bulls looking to a move through Jan 19 high of MYR4.1960 towards Jan 7 high of MYR4.2175. Conversely, a fall through the 200-DMA/Jan 13 low at MYR4.1721/20 would turn focus to Dec 31 low of MYR4.1642.
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