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Ringgit Trimming Weeks Losses

MYR

The Ringgit sits ~0.2 firmer on Friday, trimming some of the losses seen through the week as broader USD trends continue to dominate flows.

  • USD/MYR prints at 4.5450/90, and remains well within the monthly range, gains have been capped by the 20-Day EMA (4.5642) and the 200-Day EMA (4.5031) has provided support to the pair.
  • Bulls first target a break of the 20-Day EMA (4.5660), opens the high from 13 July at 4.6237. Bears first target the 200-Day EMA (4.5027).
  • Palm Oil sits a touch above the MYR3800 handle, pressure continues on the contract and we now sit ~9% below late July highs. Stockpiles expanded to the largest level in 5 months and production sits at a 7-month high. More here.
  • Looking ahead the domestic data docket is empty for the remainder of the day. Due early next week we have June Industrial Production.
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