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Ringgit Steadies Near 24-Year Low, CPI Report Takes Focus Today

MYR

Spot USD/MYR trades at MYR4.5675, barely changed on the day, stabilising near 24-year highs. Should renewed buying interest take the pair above yesterday's high of MYR4.5708, bulls could take aim at MYR4.6100, which capped gains twice in Jan 1998. The 50-DMA provides the initial layer of support at MYR4.4800.

  • Political uncertainty may provide a near-term headwind for the ringgit as Cabinet ministers are conflicted over the preferred timing of the next general election.
  • The recent modest recovery in palm oil futures ran its course Thursday and the contract for December delivery faltered in tandem with broader risk rout in the wake of the Fed's latest rate hike.
  • The main point of note on the local docket is Malaysia's CPI report. Annual inflation is expected to have quickened to +4.7% in August from +4.4% prior. Further build-up in price pressures would support the case for continued monetary tightening, with Bank Negara Malaysia set to hold its next policy review in early November.
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