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Ringgit Struggles To Break Out Of Familiar Range

MYR

Spot USD/MYR trades at MYR4.4515, down 58 pips on the day, holding a tight range known from the past few weeks. Bears look for a deeper sell-off past the 50-DMA at MYR4.4208, while gains past Jul 27 high of MYR4.4625 would bring Jan 4, 2017 high of MYR4.5002 into play.

  • Palm oil futures traded on a softer footing Thursday on the back of familiar catalysts (cheapening substitutes, Indonesia's efforts to boost exports). After-hours trade saw the contract for October delivery consolidate losses.
  • Malaysia's palm oil stockpiles likely rose 7.2% M/M in July to 1.77mn tons, according to a Bloomberg survey of analysts, traders and plantation executives, with export opportunities constrained by a surge in shipments from rival Indonesia. Amidst fierce competition with neighbouring Indonesia, Malaysia's Plantations Minister Zuraida vowed to fulfil India's palm oil demand despite "potentially erratic" supply from Jakarta.
  • The local data docket is empty today, save for the bi-weekly update on foreign reserves from Bank Negara Malaysia.
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