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Ringgit Stabilises After USD/MYR Fails To Test MYR4.4000

MYR

Spot USD/MYR gradually pulled back from best levels for the better part of the day on Tuesday, after initially rallying to MYR4.3993. The rate has stabilised and last trades at MYR4.3945, up 7 pips on the day.

  • From a technical point of view, a break above May 26 high of MYR4.4012 would give bulls a green light for targeting May 19 high of MYR4.4085. Bears look for a dip through May 31 low of MYR4.3643 before targeting May 5 low of MYR4.3337.
  • Economy Minister Mustapa told Bloomberg that Malaysia is working on replacing blanket petrol and cooking oil subsidies with more targeted measures in order to "relieve pressure on the government's budget.
  • Plantation Industries and Commodities Minister Zuraida said she would meet PM Ismail Sabri this week to discuss her potential resignation but no time had been set yet.
  • Looking ahead, Malaysia's industrial output will be published on Friday.

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