Home›Forex›Major Pairs›Ringgit stays supported as softer dollar offsets robus…

Ringgit stays supported as softer dollar offsets robust fundamentals

OCBC cited July exports rising and the trade surplus widening, while warning that elevated oil and long-end US Treasury yields could limit near-term FX impact.

Reported · Written up by our desk · Major Pairs

OCBC analysts Sim Moh Siong and Christopher Wong said the Malaysian ringgit (MYR) remains relatively well supported versus the US dollar, helped by a softer USD alongside robust domestic fundamentals, according to FXStreet. FXStreet reported that July exports surged and the trade surplus widened, with support coming from strong electronics and firmer palm oil prices. The note also cautioned that higher oil and elevated long-end US Treasury yields may temper the immediate impact on the currency, even as technical momentum remains pressured. FXStreet said USD/MYR last closed around 4.0450, with bearish momentum on the daily chart still intact, though RSI has fallen into oversold conditions.

price_action_context included in_source text:

category_debug_note_that_text_is_extraneous_to_ringgit_section? A correction: ignore

More like this

Sources