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Ringgit Trims Weekly Gain, BNM Rate Review Due Next Week

MYR

Spot USD/MYR has added 25 pips this morning after the greenback managed to find poise Thursday. The pair last deals at MYR4.7203, with bulls looking for a renewed attack at the Oct 25 cycle high of MYR4.7440, followed by the all-time high of MYR4.8850. Bears look for a dip through Oct 27 low of MYR4.7028 towards Oct 6 low of MYR4.6270.

  • The ringgit added ~0.39% versus the greenback this week amid a broad-based recovery in Asia EM currencies, which places it roughly in the middle of the regional scoreboard.
  • Palm oil futures lost their initial allure Thursday, as the most active contract struggled to penetrate its 100-DMA. Familiar drivers were eyed, with participants weighing the impact of the upcoming flooding season on tropical oil output versus its notable discounts to closest substitutes.
  • Bank Negara Malaysia will announce its last monetary policy decision of the year next Thursday and is widely expected to resume tightening monetary conditions.
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