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Ringgit Tad Firmer, Industrial Output Eyed

MYR

Spot USD/MYR has shed 40 pips so far to last change hands at MYR4.4548. From a technical perspective, bears need a dip through the 50-DMA at MYR4.4236 to see a ray of hope and prepare for a deeper reversal. Bulls look for a rally above yesterday's high of MYR4.4633 before targeting Jan 4, 2017 high of MYR4.5002.

  • Palm oil futures jumped to its best levels in a week on Monday on a positive lead from its substitutes (soybean oil) and optimism about demand from China. The contract for October delivery trimmed gains in after-hours trade but remained comfortably above Friday's closing levels.
  • Bersatu Vice President & International Trade and Industry Minister Azmin refused to comment on reports suggesting that his party would nominate him for a Deputy Prime Minister.
  • Domestic industrial output data headlines Malaysia's data docket today, with Q2 GDP & BoP current account balance coming up Friday.
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Spot USD/MYR has shed 40 pips so far to last change hands at MYR4.4548. From a technical perspective, bears need a dip through the 50-DMA at MYR4.4236 to see a ray of hope and prepare for a deeper reversal. Bulls look for a rally above yesterday's high of MYR4.4633 before targeting Jan 4, 2017 high of MYR4.5002.

  • Palm oil futures jumped to its best levels in a week on Monday on a positive lead from its substitutes (soybean oil) and optimism about demand from China. The contract for October delivery trimmed gains in after-hours trade but remained comfortably above Friday's closing levels.
  • Bersatu Vice President & International Trade and Industry Minister Azmin refused to comment on reports suggesting that his party would nominate him for a Deputy Prime Minister.
  • Domestic industrial output data headlines Malaysia's data docket today, with Q2 GDP & BoP current account balance coming up Friday.