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Weakest Since November, Trade Balance On Tap

MYR

The Ringgit has weakened to its lowest level since November 11 2022, as USD/MYR follows the broader USD/Asia move in early dealing.

  • The pair has marginally ticked away from session highs and we sit ~0.2% firmer today.
  • Bulls now target a break of 4.70, which opens high from 4 Nov 4.7495. Bears first target a break of 20-Day EMA (4.5987) to turn the tide.
  • Palm Oil is consolidating recent gains dealing in a narrow range on Tuesday, the pair is ~17% above cycle lows seen on June 1.
  • May Trade Balance is on tap at the top of the hour, a surplus of MYR13.40bn is expected.

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