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Ringgit Steadies After Multi-Day Streak Of Record Lows

MYR

Spot USD/MYR oscillates near neutral levels, after refreshing multi-decade highs for the 12th consecutive day on Thursday. The rate last deals at MYR4.6353, with the RSI moving further into overbought territory. Topside technical focus falls on the record high of MYR4.8850, while bears look for a retreat under the 50-DMA at MYR4.4976.

  • Palm oil futures moved away from cyclical lows Thursday, with relatively low prices and weak ringgit attracting foreign demand. The odds of a stronger rebound led by bargain hunting remain limited by lingering concerns over global growth and the supply glut in top two producers of the tropical oil.
  • The top five leaders of Malaysia's ruling United Malays National Organisation party will meet to discuss the timing of the next general election today, just before the party's Supreme Council meeting slated for 8pm local time.
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Spot USD/MYR oscillates near neutral levels, after refreshing multi-decade highs for the 12th consecutive day on Thursday. The rate last deals at MYR4.6353, with the RSI moving further into overbought territory. Topside technical focus falls on the record high of MYR4.8850, while bears look for a retreat under the 50-DMA at MYR4.4976.

  • Palm oil futures moved away from cyclical lows Thursday, with relatively low prices and weak ringgit attracting foreign demand. The odds of a stronger rebound led by bargain hunting remain limited by lingering concerns over global growth and the supply glut in top two producers of the tropical oil.
  • The top five leaders of Malaysia's ruling United Malays National Organisation party will meet to discuss the timing of the next general election today, just before the party's Supreme Council meeting slated for 8pm local time.