Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 20):  Ringgit advances with its Asian peers as concerns about global trade tensions eased after China said on Wednesday it won’t devalue its currency to boost exports.

* USD/MYR drops 0.2% to 4.1375, halting a two-day decline

** Support 4.0900, 4.0867, 4.0413; resistance 4.1535, 4.1645, 4.2437

* Global risks may drive USD/MYR higher but pressure on ringgit remains contained relative to other Asian currencies, says Angus Salim Amran, head of financial markets at RHB Investment Bank in Kuala Lumpur

** MYR will probably drop toward 4.1325 in the near term as dollar positions are unwound before next week’s FOMC review

* Ringgit is likely to remain among Asia’s top performers, supported by positive real interest rates, ING economist Prakash Sakpal wrote in note Wednesday

** Risk to ING’s year-end USD/MYR forecast of 4.25 is tilted to the downside

** NOTE: Ringgit has lost 2.2% this year, vs declines of 11.8% for INR, 8.5% for IDR
* Malaysia’s 10-year bond yield rose 2bps to 4.14%

* Auction of RM3b of 2028 govt bonds closes at 11:30am local time

* CPI +0.2% y/y in August, slowest since February 2015, data showed Wednesday

* Govt may issue debt and sell assets including land and shares to raise revenue, Finance Minister Lim Guan Eng said Wednesday

* Former PM Najib Razak will be charged Thursday over a case linked to RM2.6b of funds transferred to his personal account as part of a probe linked to state fund 1MDB

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