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Ringgit Starts On Slightly Softer Footing

MYR

Spot USD/MYR has added 35 pips so far, last trades at MYR4.1680, comfortably within the confines of yesterday's range.

  • Bulls look to a move through Oct 6 high of MYR4.1875 towards the 50-DMA, which intersects at MYR4.1903. Conversely, a fall past Sep 10 low of MYR4.1300 would give bears some momentum.
  • Malaysia's industrial output contracted 0.7% Y/Y in August, even as Bloomberg consensus was looking for a 0.3% expansion. This came after industrial production shrank 5.1% in July.
  • Palm oil futures retreated in Kuala Lumpur Tuesday, in tandem with a slide in soybean oil prices. In addition, surveyor data showed that Malaysia's exports, a key gauge of demand, slipped in the first 10 days of the month.

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