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Ringgit Under Pressure, Malaysia's GDP Up This Week

MYR

Spot USD/MYR has gained this morning, printing fresh cyclical highs of MYR4.4605 in the process, as the space played catch-up with post-NFP greenback strength. The rate last changes hands at MYR4.4598, up 93 pips on the day.

  • The next bullish target is provided by Jan 4, 2017 high of MYR4.5002. Conversely, bears look for losses past the 50-DMA, which kicks in at MYR4.4221.
  • Palm oil futures crept higher on Friday, but failed to claw back its losses from the earlier part of the week.
  • FinMin Zafrul warned that Malaysia's economic outlook could deteriorate on the back of pessimism in the global economy, despite the positive impact of border reopening and booming exports. In addition, Zafrul brushed away speculation that Budget 2023 could be brought forward to allow for an earlier dissolution of parliament.
  • Malaysia's industrial output will be published tomorrow, with quarterly GDP data coming up Friday.
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