Steady Despite Renewed Weakness In Palm Oil, Industrial Output Data On Tap

Spot USD/MYR trades flat at MYR4.6730 at typing, even as the BBDXY index has resumed gains this morning. A breach of yesterday's high of MYR4.6745 would allow bulls to set their sights on the all-time peak located at MYR4.8850. Should bears manage to force a break of Oct 6 low of MYR4.6270, they could take aim at the 50-DMA at MYR4.5251.

• Palm oil futures traded in Kuala Lumpur snapped a seven-day losing streak Tuesday, with local markets back online after a holiday. Data from the Malaysian Palm Oil Board showed a larger-than-expected surge in the already bloated Malaysian stockpiles, as recovery in exports failed to catch up with production.
• Malaysia's Election Committee will meet on Oct 20 to decide on the date of the next general election. Frictions within the acting government grew more acute Tuesday, as Prime Minister Ismail Sabri of UMNO blamed the need to call a snap election on "disharmony" caused by his coalition partners from the Perikatan Nasional alliance.
• Malaysia reports industrial output data today. It is expected that the annual growth in production was 10.2% in August versus 12.5% in July.