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USD/MYR Stays Near Its New Cycle High

MYR

Spot USD/MYR has shed 20 pips thus far and last deals at MYR4.4648, operating within touching distance from a new cyclical high printed on Tuesday at MYR4.4672.

  • From a technical perspective, a break above that fresh cycle peak would bring Jan 4, 2017 high of MYR4.5002 into view. Conversely, bears keep an eye on the 50-DMA, which kicks in at MYR4.4323.
  • Palm oil futures (the contract for November delivery) struggled to hold onto earlier gains in after-hours trade. Concerns about demand from China were weighed against the appeal of still relatively low prices of the tropical oil.
  • Data from cargo surveyor SGS showed that Malaysia's palm oil shipments fell 9.5% M/M in the first 15 days of the month. This came after AmSpec figures showed a 1.9% decline, while Intertek said exports grew 2.8%.
  • Malaysia will lift a temporary freeze on applications to hire foreign workers from this Friday after a request from industry representatives.
  • Looking ahead, Malaysia's trade data will be released on Friday.
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