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MYR: USD/MYR Edges Lower, But Still Above Key Support,

MYR
EM BulletBulletAPACEmerging Market News

Spot ringgit is one of the better EM Asia FX currency performers so far today in Wednesday trade. USD/MYR was last near 4.4620 so slightly up from earlier lows (4.4540) but still up 0.20% versus the USD so far today. From a technical standpoint, we are holding sub the 200-day EMA (near4.4860), but still above other key EMAS (which are clustered close to 4.4490/4.4530). 

  • Given the authorities view the ringgit as undervalued, we may continue to see intervention risks more heightened around the 4.5000 region in the pair. Since late 2024, moves above this figure level have ultimately proven good selling opportunities in the pair.
  • The elevated US real yield backdrop suggests we may have seen a sustained breach of 4.5000 absent official efforts to curb MYR depreciation pressures.
  • USD/CNY trends we be the other focus point for USD/MYR, with ringgit traditionally correlating well with yuan moves, albeit not the strongest in recent months (which rests with SGD and KRW).
  • The local data calendar is empty until Q4 GDP revisions print on Friday. 
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Spot ringgit is one of the better EM Asia FX currency performers so far today in Wednesday trade. USD/MYR was last near 4.4620 so slightly up from earlier lows (4.4540) but still up 0.20% versus the USD so far today. From a technical standpoint, we are holding sub the 200-day EMA (near4.4860), but still above other key EMAS (which are clustered close to 4.4490/4.4530). 

  • Given the authorities view the ringgit as undervalued, we may continue to see intervention risks more heightened around the 4.5000 region in the pair. Since late 2024, moves above this figure level have ultimately proven good selling opportunities in the pair.
  • The elevated US real yield backdrop suggests we may have seen a sustained breach of 4.5000 absent official efforts to curb MYR depreciation pressures.
  • USD/CNY trends we be the other focus point for USD/MYR, with ringgit traditionally correlating well with yuan moves, albeit not the strongest in recent months (which rests with SGD and KRW).
  • The local data calendar is empty until Q4 GDP revisions print on Friday.