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USD/MYR Pushes Higher As Onshore Markets Return

MYR

USD/MYR has been on the front foot as onshore markets return after being out for the prior two sessions. This is clearly some catch up to USD strength, particularly post the CPI print on Wednesday.

  • The pair was last above 4.7700. Earlier highs were at 4.7775 per BBG. This puts us back close to the 4.8000+ highs from mid-February which drew a response from the authorities. There were efforts to encourage repatriation of offshore earnings and conversion into MYR, particularly from state-owned enterprises.
  • This is likely to leave the 4.8000 region as an upside focus point. The 20-day EMA sits back near 4.7400 on the downside.

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