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USD/MYR Lowest Level Since Mid Feb

MYR

USD/MYR prints at 4.39/40, the pair is down ~0.5% today.

  • MYR is the best performer in the USD/Asia space. USD is pressured today as US Treasury Yields tick lower, firmer commodities have aided the MYR at the margins.
  • Higher oil and palm oil prices since the start of this week have helped ringgit outperformance. Palm oil is up over 5%, although remains below the 200-day MA (MYR4114, versus current levels of MYR3974).
  • From a technical perspective USD/MYR has ticked away from the 200-Day EMA (4.43) as it continues the recent downward momentum.
  • Equity outflows by foreign investors continued on Monday, investors sold $18.2mn of local equities bringing the total outflow for March to $161.2mn.
  • The domestic data calendar is empty this week, the next data of note is March S&P Global Mfg PMI on Monday.
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