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UMNO Wins Melaka State Election, Ringgit Prints Multi-Week Lows

MYR

Spot USD/MYR trades +38 pips at MYR4.1870. The pair punched through its 100-DMA and showed at levels not seen in more than seven weeks.

  • The next layer of resistance above is provided by MYR4.1970, which capped gains on Sep 30. Conversely, a retreat under Nov 15 low of MYR4.1580 would support the bearish case.
  • The Barisan Nasional alliance led by Malaysia's largest party UMNO secured a landslide victory in Melaka state election, comfortably outperforming coalition partner Perikatan Nasional and main opposition Pakatan Harapan.
  • Plantation Industries & Commodities Min Kamaruddin told BBG that Malaysia sees a limited impact from the EU's new curbs on products linked to deforestation. The Southeast Asian nation is the world's second largest producer of crude palm oil.
  • The main point of note on Malaysia's economic docket this week is monthly CPI, but it won't be released until Friday.

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