Forex - Malaysia Flows: USD/MYR gapped higher amid trade concerns

 03:18 (GMT) 07 Nov

  [Forex Flows]

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Malaysia Flows: USD/MYR gapped higher amid trade concerns (0101-PQWC-C01)

USD/MYR gapped and opened higher at 4.1410, before rising further to 4.1430 at last look. Growing concerns of a possible delay to 'phase one' of the U.S. - China trade deal lifted the pair. Agreement on the terms and venue are yet to be resolved and 'phase one' of the deal can potentially be delayed until December according to reports. Oil prices fell overnight and lifted the pair higher as well.

Malaysia's Finance Minister Lim Guan Eng was confident that Malaysia's 2019 growth target of 4.7% will be met, which in our view, may be slightly optimistic amid the global headwinds and external risks. Given the trade uncertainty, pair may continue to edge higher towards the 4.1520 resistance next. If broken, will turn our attention to the 4.1600 resistance. 1M NDFs rose higher to 4.1477, before retracing lower to 4.1348 at last look. KLCi was relatively unchanged from Wednesday at last sight.

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