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Ringgit Weakens As Focus Turns From Fed To BNM

MYR

Spot USD/MYR changes hands +60 pips at MYR4.7440 in the wake of the Fed's decision to raise interest rates by 75bp while signalling potential for a downshift going forward, with Chair Powell intimating higher terminal rate expectations and expressing strong tightening bias.

  • From a technical standpoint, topside focus falls on MYR4.8850, which represents a record high for USD/MYR. Bears need a dip through Oct 27 low of MYR4.7028 to get some initial reprieve before targeting Oct 6 low of MYR4.6270.
  • Palm oil futures advanced Wednesday, extending gains in after-hours trade, even as Russia rejoined the Black Sea Grain Initiative, which may unblock some Ukrainian sunflower oil exports. The focus falls on an industry conference in Indonesia this week.
  • Bank Negara Malaysia may increase its Overnight Policy Rate by 25bp today as core inflation continues to accelerate (we have outlined the case for such a scenario in our preview).
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