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USD/MYR Consolidating In Narrow Ranges

MYR

USD/MYR continues to consolidate in narrow ranges, there have been little follow through on moves in recent dealing.

  • The pair sits little changed from yesterday's closing levels at 4.7250/80.
  • Technically the uptrend in USD/MYR remains in place, bulls target a break of the YTD high (4.7397) this opens 4.7973 a Fibonacci projection. On the downside bears look to first break the 20-Day EMA (4.7047) to turn the tide.
  • The Malaysian government is seeking to cap the budget deficit at 3% of GDP in the medium term and lower debt levels to 60% of GDP. More here.
  • A reminder that the local data docket is empty today, the only data of note this week is tomorrow's August Industrial Production print.

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