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Ringgit Steady, Palm Oil 3-Month Low

MYR

The Ringgit is little changed in early dealing, USD/MYR continues to consolidate in narrow ranges with little follow through on moves.

  • The pair last prints at 4.6790/4.6825, the pair was ~0.1% firmer yesterday.
  • Bulls target the high from 26 June (4.6915), a break through here opens the high from Nov 4 2022 (4.7495). Bears first target the 20-Day EMA (4.6528).
  • Palm Oil sits a touch above its lowest level since late June, the November contract is ~10% lower in September as inventories in Malaysia rose 23% in August.
  • A reminder that the local data docket is empty for the remainder of the week.

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