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Ringgit Weaker In Early Dealing

MYR

USD/MYR is ~0.3% firmer in early dealing sitting a touch below year to date highs (4.6398). The pair last prints at 4.6340/70.

  • Broader USD/Asia trends have dominated flows today as the greenback is on the front foot after yesterday's hawkish Fed rate path projections.
  • Technically the uptrend remains in place, bulls now target the high from 26 May at 4.6398 a break through here open 4.70. Bears first look to break the 20-Day EMA (4.5841) to turn the tide.
  • Palm Oil futures pared gains after reaching their highest level since 30 May and now sit ~8% above cycle lows seen in early June. We highlighted yesterday that stronger soybean prices and the risk of an El Nino weather pattern on production had offset concerns about growing supply.
  • The domestic data calendar is empty today and tomorrow.
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