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Ringgit Stable After BNM Gov Shamsiah Vows Ensuring Its Orderly Moves

MYR

Spot USD/MYR operates +5 pips at MYR4.4583, near fresh cyclical highs printed earlier this morning. Bulls look for further gains towards MYR4.5002, which capped gains on Jan 4, 2017. Bears see the 50-DMA (MYR4.4125) as their initial target.

  • The RSI remains above 70 (just), which marks the boundary of oversold territory. A firm pullback under that level would send a bearish signal.
  • BNM Gov Shamsiah pointed to the ringgit's stability relative to Malaysia's key trading partners, with the NEER registering only a marginal depreciation. The Governor added that Bank Negara "will continue to use the tools at our disposal to ensure movements in the ringgit are orderly" amid aggressive Fed tightening. Comments on monetary policy offered little in the way of fresh insights.
  • Palm oil futures unwound its opening gains on Tuesday, approaching neutral levels in after-hours trade. The competition between Malaysia and Indonesia, which is trying to boost exports, remains a significant factor in the outlook for the market.
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