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USD/MYR Continues To Consolidate, Industrial Production On Tap

MYR

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

  • The pair has trimmed some of yesterday's losses alongside an uptick in US Tsy Yields and last prints at 4.7235/60, ~0.2% higher.
  • 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 (4.7057) to turn the tide.
  • Palm Oil is holding close to lowest level since mid-June, which was printed on Tuesday, as concerns that a recent uptick in Malaysian shipments may wane on demand concerns.
  • On tap today we have August Industrial Production, a fall of 2.0% Y/Y is expected.
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