Forex - Malaysia Flows: USD/MYR remains in consolidation between 4.1520 and 4.1660


 04:07 (GMT) 13 Jun

  [Forex Flows]

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Malaysia Flows: USD/MYR remains in consolidation between 4.1520 and 4.1660 (0101-LSWV-C01)

USD/MYR opened higher at 4.1580 and rose to an intra-day high at 4.1630 at the beginning of Thursday's Asian session. Pair has since reversed just before the 4.1660 WTD high, slipping slightly to 4.1605 at last look. Pair remains in consolidation and range bound between 4.1520 and 4.1660 on a broader perspective. Pair is approaching the lower limit of the range. We expect pair to eye the 4.1520 support. If broken, attention will be on the 4.1450 support next. Falling oil prices and the current political scandal surrounding Malaysia's economic minister Azmin Ali are likely to provide upside support for USD/MYR and 4.1450 support is likely to be safe. 1M NDFs was trading at 4.1606 at last sight, while KLCi was down 0.20% at last look.


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