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Ringgit Steady, BNM Hold Rates At 3.00%

MYR

The Ringgit is steady in early dealing, ranges are narrow on Friday morning with little follow on moves.

  • Yesterday USD/MYR held onto its early losses finishing trade down ~0.5% breaching the 20-Day EMA (4.7524) as the dovish tilt from the FOMC meeting pressured the USD.
  • The pair remains in an uptrend and bulls target a break of the 4.80 handle. On the downside bears look to sustain a break of the 20-Day EMA (4.7530) which opens the low from 2 Oct (4.6900).
  • A reminder that yesterday the BNM held the Overnight Policy Rate steady at 3.00%. The bank noted that the current OPR level is supportive of the economy and is consistent with the current assessment of the inflation and growth prospects.
  • The local docket is empty today.
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