Ringgit declines ahead of OPEC, U.S. tax debate

Ringgit declines ahead of OPEC, U.S. tax debate
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KUALA LUMPUR (Nov 28): Ringgit slips as traders await a Senate vote  on the U.S. tax bill and an OPEC review this week to discuss extending output cuts.

* USD/MYR gains 0.1% to 4.1170

** Support 4.0962, 4.0945, 4.0360; resistance 4.1990, 4.2440, 4.2535

* If oil prices extend gains after the OPEC meeting on Thursday, USD/MYR may retest 4.10, says Mingze Wu, a currency trader at INTL FCStone in Singapore.

* MYR is likely to remain supported by a recovery in exports, a widening current-account surplus and positive sentiment spurred by expectations of a general election in the near term, Maybank analysts led by Saktiandi Supaat write in note

* Maybank expects Asian currencies to trade sideways in the next two weeks in the absence of directional cues

* 10-year bond yield ended unchanged at 3.95% Monday

* Auction of 3b ringgit of 2022 Islamic govt bonds closes at 11.30am local time

* BNM Deputy Governor Sukhdave Singh opted for early retirement and is stepping down on Tuesday, before his current term ends in April 2019: The Star

* Nomura raised its 2017 Malaysia inflation forecast to 4% from

3.8% due to higher fuel prices and base effects, according to note

* Co. maintains view that BNM to hike only once with a 25-bp increase in January

* Malaysian property prices are expected to decline materially if there’s a protracted period of supply overhang, which is a credit negative for banks: Moody’s