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Ringgit Struggles To Capitalise On Palm Oil Rally

MYR

Spot USD/MYR holds steady, last +7 pips at MYR4.4515. Familiar technical contours remain intact. Topside focus falls on Jul 27 high of MYR4.4625 and a break here would expose Jan 4, 2017 high of MYR4.5002. On the flip side, bears look for a sell-off past the 50-DMA, which intersects at MYR4.4157.

  • Friday's surge in palm oil prices allowed the tropical oil to cap its largest weekly advance in some 20 year. The most active contract traded in Kuala Lumpur settled at MYR4,289/MT, near three-week highs. While prices were rising, Intertek data suggested that Malaysia's shipments of palm oil picked up in the final days of the month. The volume of exports grew 0.8% M/M in July, even as data for the first 25 days of the month showed a 11.31% M/M decline.
  • Malaysia's S&P Global M'fing PMI will be published shortly.
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