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Ringgit Weakens After Malaysian Holiday, Familiar Themes In Play

MYR

Spot USD/MYR has caught a bid as onshore Malaysian markets reopened after a holiday, with familiar concerns surrounding domestic politics and Covid-19 outbreak still lingering. The rate last sits at MYR4.2340, 55 pips higher on the day.

  • USD/MYR is narrowing in on the ceiling of a descending channel at MYR4.2358. A clearance of this level would mark the formation of a bullish flag pattern, shifting focus to Jul 29/21 highs of MYR4.2405/2440. Bears look for a dip through Aug 5 low/channel floor at MYR4.2105/4.2087.
  • Director General of Health Noor Hisham said that over 98% of the 19,991 cases reported Tuesday were mild or asymptomatic.
  • Intertek reported yesterday that Malaysia's palm oil exports fell 12.82% M/M in the first 10 days of the month.
  • Malaysia's economic docket is virtually empty today, with all eyes already on Friday's Q2 GDP and current account balance.

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