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Ringgit Stabilises Despite Palm Oil Weakness

MYR

Tailwinds for spot USD/MYR have eased this morning, in the wake of a sharp pullback in the greenback on Wednesday. The pair last deals at MYR4.6263, down 40 pips on the day.

  • Losses past the 50-DMA (MYR4.4937) would give bears some reprieve after the pair kept refreshing multi-decade highs on every single day over the past two weeks or so. Bulls now target the MYR4.8850 all-time high printed in the midst of the 1998 Asian financial crisis.
  • Palm oil futures extended their rout Wednesday, while after-hours trade saw them consolidate just above cyclical lows. The rebound in the BBG Commodity Index after markets closed in Kuala Lumpur bodes well for today's session, although concerns over the supply glut in two top producers remain.
  • Reminder that top five leaders of PM Ismail Sabri's UMNO party will hold a meeting tomorrow to discuss the timing of the next general election.
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Tailwinds for spot USD/MYR have eased this morning, in the wake of a sharp pullback in the greenback on Wednesday. The pair last deals at MYR4.6263, down 40 pips on the day.

  • Losses past the 50-DMA (MYR4.4937) would give bears some reprieve after the pair kept refreshing multi-decade highs on every single day over the past two weeks or so. Bulls now target the MYR4.8850 all-time high printed in the midst of the 1998 Asian financial crisis.
  • Palm oil futures extended their rout Wednesday, while after-hours trade saw them consolidate just above cyclical lows. The rebound in the BBG Commodity Index after markets closed in Kuala Lumpur bodes well for today's session, although concerns over the supply glut in two top producers remain.
  • Reminder that top five leaders of PM Ismail Sabri's UMNO party will hold a meeting tomorrow to discuss the timing of the next general election.