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USD/MYR Ticks Away From Cycle High

MYR

USD/MYR is pressured today as the greenback is broadly weaker in Asia. The pair has ticked away from yesterday's cycle high of 4.7958 through this morning's session.

  • We sit down ~0.4% at 4.7755/95.
  • On the downside bears look to first break the 20-Day EMA (4.7362) which opens the low from 2 Oct (4.6900). The pair remains in an uptrend and bulls target a break of the 4.80 handle.
  • Bank Negara Malaysia Governor Ghaffour noted yesterday that the bank intends to ensure that Ringgit moves stay orderly and recent weakening of the currency do not reflect economic fundamentals. More here.
  • A reminder that the data docket is empty this week.

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