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Ringgit Softer As BNM In Focus

MYR

The Ringgit has weakened in early dealing as today's BNM monetary policy decision comes into view. USD/MYR is up ~0.1% last printing at 4.6560/90, the pair does remain well within recent ranges.

  • Yesterday the pair finished dealing little changed, support came in at the 20-Day EMA (4.6407) and early losses were pared.
  • Bulls target the high from 26 June at 4.6915. Bears first look to break the 20-Day EMA (4.6407).
  • Palm Oil futures fell ~0.5% yesterday as inventories expanded to their largest level in 4 months as export demand stayed sluggish, more here. The contract is firmer in early trade today and sits a touch above the MYR 3900 handle.
  • On the wires this afternoon the BNM's latest monetary policy decision will cross, no change to policy is expected.
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