Free Trial

Ringgit Tad Firmer Ahead Of Industrial Output Data

MYR

Spot USD/MYR last deals at MYR4.7387, down 12 pips on the day, extending yesterday's losses. Bears look for losses towards Oct 27 low of MYR4.7028, while bullish focus falls on the all-time high of MYR4.8850.

  • Palm oil futures climbed Monday but the MYR4,500 figure proved to be formidable resistance for the contract for January delivery. The tropical oil's record-wide discount to rival soyoil grew further, inspiring expectations of interest from bargain buyers. Separately, high-frequency data from Intertek showed strong gains in Malaysian palm oil exports in the first 5 days of the month, which was read as a positive signal on foreign demand.
  • Bank Negara Malaysia said that Malaysia's foreign reserves rose to $105.2bn as of Oct 31 from $104.5bn as of Oct 14, the first increase since mid-Aug.
  • Malaysia's industrial production data will be published later today (BBG est. +10.5% Y/Y). After that, focus will turn to Q3 BoP current account balance & GDP, coming up Friday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.