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Ringgit Turns Tail After Holiday

MYR

Spot USD/MYR turns bid as local markets re-open after a holiday. Greenback strength observed on Monday has carried over into the Asia session, providing further support to the rate this morning. It last operates at MYR4.3968, up 80 pips on the day.

  • A clean break above May 26 high of MYR4.4012 would encourage bulls to set their sights on MYR4.4085, the high print of May 19. Bears look for a retreat under May 31 low of MYR4.3643 before taking aim at May 5 low of MYR4.3337.
  • FinMin Zafrul announced that his ministry was "adopting" the Kuala Selangor District and has greenlighted opening a railway station there, with the intention to stimulate the development of the region. His announcement sparked speculation that he may be looking to contest in Kuala Selangor in the next general election.
  • The government is taking a cautious approach to global developments, especially issues surrounding the supply and rising prices of food, PM Ismail Sabri said on Monday. The Premier noted that officials have prepared short-, medium- and long-term measures to address these issues.
  • Looking ahead, Malaysia's industrial output will be out on Friday.
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