Ringgit slides ahead of ECB

(July 20): Ringgit dips from a one-month high as EM currencies in Asia get mildly sold down, ahead of central bank meetings in Japan and Europe Thursday.

* USD/MYR little changed at 4.2855; reached 4.2815 Wednesday, lowest since June 20.

** Support 4.2810, 4.2663, 4.2505; resistance 4.2940, 4.3337, 4.3525

* Ringgit will get a boost from further inflows into Malaysian bonds, as a combination of capped U.S. interest rates and relatively low volatility encourage a reach for yield, says Stephen Innes, a senior Asia-Pacific currency trader at Oanda in Singapore.

** Sees USD/MYR testing 4.25 on a dovish Fed outlook

The Edge Markets via Bloomberg


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Stephen Innes

Stephen Innes

Senior Currency Trader and Analyst at OANDA
Stephen has over 25 years of experience in the financial markets and specializes in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is currently based in Singapore as a Senior Currency Trader and Analyst with OANDA, focusing on the movement of the Aussie Dollar and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Prior to joining OANDA, he worked with organizations like Cambridge Mercantile, Nat West, Garvin Guy Butler, Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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