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Ringgit Weakens, Malaysia's M'fing Sector Slips Into Contraction

MYR

Spot USD/MYR has edged higher this morning to last trade +35 pips at MYR4.6410, with bulls looking to attack Sep 29 high of MYR4.6495. A break here would expose the 1998 all-time high of MYR4.8850. Conversely, bears would get some reprieve from a return under the 50-DMA (MYR4.5013).

  • Palm oil futures ground higher last Friday, but still registered the worst quarter since 2008, as global growth concerns and the supply glut in top producers outweighed demand from bargain buyers.
  • Malaysia's S&P Global M'fing PMI fell to 49.1 in September from 50.3 prior, suggesting that the sector has fallen into contraction as "the rebound in growth in the Malaysian economy seen earlier in the year could be losing steam."
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