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RSI Moves Into Oversold Territory Amid Continued Weakness In USD/MYR

MYR

Spot USD/MYR fell for the second consecutive day Monday, with the impact of the initial round of hawkish comments from Fed Governor Waller somewhat offset by remarks from Fed Vice Chair Brainard, who flagged potential for slower tightening. Optimism surrounding China's property sector relief measures & latest tweaks to COVID-19 controls radiated across the Asia EM space.

  • The pair remains heavy and last deals at MYR4.5900, down 48 pips on the day. On the downside, focus falls on the 100-DMA, which kicks in at MYR4.5419. Bulls look for a rebound above Nov 4 high of MYR4.7495. They remain on alert for signs of exhaustion in the recent corrective pullback, with the RSI now operating in oversold territory.
  • Palm oil futures for January delivery fell Monday, before trimming some losses in after-hours trade, as their 100-DMA provided support. Comments from the Malaysian Palm Oil Council may have aided the tropical oil, as the organisation's CEO said that relative MYR weakness and higher than expected rainfall in top growers Indonesia and Malaysia are expected to keep prices buoyant. She added that Malaysia may lose some market share due to persistent labour shortages, with Indonesia increasing its output on the back of newly matured plantations.
  • Friday and Saturday have been declared public holidays in Malaysia to enable private sector employees to vote in the general election.
  • Looking ahead, Malaysia's trade data will be published this Thursday.
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Spot USD/MYR fell for the second consecutive day Monday, with the impact of the initial round of hawkish comments from Fed Governor Waller somewhat offset by remarks from Fed Vice Chair Brainard, who flagged potential for slower tightening. Optimism surrounding China's property sector relief measures & latest tweaks to COVID-19 controls radiated across the Asia EM space.

  • The pair remains heavy and last deals at MYR4.5900, down 48 pips on the day. On the downside, focus falls on the 100-DMA, which kicks in at MYR4.5419. Bulls look for a rebound above Nov 4 high of MYR4.7495. They remain on alert for signs of exhaustion in the recent corrective pullback, with the RSI now operating in oversold territory.
  • Palm oil futures for January delivery fell Monday, before trimming some losses in after-hours trade, as their 100-DMA provided support. Comments from the Malaysian Palm Oil Council may have aided the tropical oil, as the organisation's CEO said that relative MYR weakness and higher than expected rainfall in top growers Indonesia and Malaysia are expected to keep prices buoyant. She added that Malaysia may lose some market share due to persistent labour shortages, with Indonesia increasing its output on the back of newly matured plantations.
  • Friday and Saturday have been declared public holidays in Malaysia to enable private sector employees to vote in the general election.
  • Looking ahead, Malaysia's trade data will be published this Thursday.