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USD/MYR Slips Ahead Of BNM Decision

DOLLAR-MYR

Spot USD/MYR has shed 32 pips and last trades at MYR4.1675 in the lead-up to the announcement of Bank Negara Malaysia's monetary policy decision. Overnight recovery in risk appetite may have pressured the pair somewhat early on.

  • Analysts are split as to whether BNM will cut its main policy rate today. 12 out of 21 surveyed economists see the central bank stand pat on policy levers, while the remaining 9 look for a 25bp cut to the policy rate.
  • Bears would be pleased to see a fall through Sep 3 low of MYR4.1343, the worst level since mid-Feb. Next support is at Feb 12 low of MYR4.1285, followed by the lower 3.0% Bollinger band at MYR4.1228. Bulls look for a break above Aug 28 high of MYR4.1780 would clear the way to Aug 11 high of MYR4.2065.
  • Malaysian industrial output and manufacturing sales value will be released tomorrow.
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