Free Trial

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.

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.