INSIDE MALAYSIA: Ringgit Slides Ahead of Factory Orders
Source: BFW (Bloomberg First Word)
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Andy Ji (Commonwealth Bank of Australia)
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UUID: 7947283
(Bloomberg) -- Ringgit falling for fifth day in past six amid broad dollar strength ahead of Sept. FOMC meeting minutes.
Alert: HALISTER1- Ringgit falls 0.4% to 4.1905 per dollar, weakest since March
- USD/MYR above 200-DMA; slow stochastics %K at 92, in overextended territory
- Resistance: 4.2350, Feb. 29 high; 4.2467, Feb. 24 high; 4.2808, Jan. 26 low
- Support: 4.0913, 200-DMA; 4.0760, 50-DMA; 4.0677, 100- DMA
- August industrial production probably rose 5.4% y/y vs 4.1% in July, according to median estimate in Bloomberg survey; data due at noon
- USD/MYR to edge down toward 3.90 by year-end, as recovering oil prices should see trade surplus widening, CBA Asian currency strategist Andy Ji wrote in note yday
- AUD/MYR to edge lower toward 2.85 by year end, as narrower Australia-Malaysia real policy rate differentials should see a lower cross
- BNM could have more scope to ease policy given outlook for CPI remains soft; deteriorating macroeconomic backdrop and festering 1MDB fiasco should continue to weigh on MYR
- Yield of 3.9% govt bond due Nov 2026 rose 3 bps yday to 3.609%
Source: BFW (Bloomberg First Word)
People
Andy Ji (Commonwealth Bank of Australia)
To de-activate this alert, click here
UUID: 7947283