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Ringgit Stays Near Cyclical Lows Ahead Of Monthly Trade Data

MYR

Spot USD/MYR snapped a seven-day winning streak on a closing basis, but still printed fresh 24-year highs beforehand. The rate last deals +15 pips at MYR4.7170, with the all-time high of MYR4.8850 attracting bullish attention. Bears look for a retreat under Oct 6 low of MYR4.6270.

  • Palm oil futures traded in Kuala Lumpur climbed above MYR4,000/MT Tuesday, bolstered by continued ringgit weakness, which attracts bargain hunters. A barrage of Russian drone strikes on Ukrainian cities is lending further support to edible oils, as a recent attack damaged sunflower oil tanks in the port city of Mykolaiv.
  • Malaysia's trade data will hit the wires later today. Consensus looks for a widening in monthly surplus to MYR17.35bn from MYR16.92bn prior. Exports may have grown 31.5% Y/Y in September after rising 48.2% in August.
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