MYR remained broadly unchanged as upward pressure from a rebound in exports (Sep: 13.6%) to an almost two-year high was equally offset by a risk aversion and a slide in the oil price to its lowest (USD37.6/barrel) since May, triggered by a global resurgence of COVID-19 cases.
MYR to trade with a downside bias this week, as the risk-off sentiment may persist on spiking global COVID-19 figures and ahead of the tabling of Budget 2021 on Friday. The downfall may be slightly tamed by a potential Biden victory and an expected unchanged OPR.
Technical Analysis
5-day EMA indicates that MYR may maintain its momentum this week and stay close at the 4.156 level.
Technically, the short-term bias for the USDMYR pair has turned neutral for this week. However, the US presidential election outcome, central bank rate decisions and Malaysia's 2021 budget presentation this week may fuel risk aversion and prompt the greenback to settle above the (R2) 4.172 level.
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