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Ringgit Treads Water, Cabinet Reshuffle May Be Inbound

MYR

Spot USD/MYR trades at MYR4.3930, down 10 pips on the day. From a technical perspective, bears look for a dip through May 23 low of MYR4.3812, which would expose May 12 low of MYR4.3730. Bulls look for a clearance of May 19 high of MYR4.4085.

  • Zuraida Kamaruddin quit Bersatu and will be meeting the PM to discuss her resignation as Plantation Industries and Commodities Minister. Malay Mail reported that Premier Ismail Sabri may respond with a Cabinet reshuffle next week.
  • Crude palm oil futures were better bid on Thursday, printing best levels in almost two weeks. The edible oil gained in tandem with WTI & Brent.
  • Malaysia's data docket is virtually empty next week, save for Wednesday's release of S&P Global M'fing PMI.
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