Halister News

(Bloomberg) -- A stronger-than-expected gain in Malaysia’s exports in May could see USD/MYR re-testing 3.9893 in near term, Bloomberg strategist Andrew Robinson writes.

• Exports probably rose 2.0% y/y following 1.6% gain in April, median est. in Bloomberg survey shows; ests. range from -2.4% to +6.2%; data due at noon tomorrow
  • Exports data have beaten median est. in 8 of the past 12 months
• Related data may show imports declined 2.8% y/y and trade surplus narrowed to 8.25b ringgit from 9.06b ringgit in April: other surveys
• USD/MYR down 0.5% to 4.0223 today; touched 3.9893 on June 24, lowest level since May 4
  • 14-day RSI and Williams %R are both declining
• Most Asian EM currencies have rallied this week post-Brexit on expectations that the Fed may push back any rate hike

• NOTE: Andrew Robinson is an FX strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice