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    Ringgit Rallies after FTSE’s Latest Assessment

    Abstract:Malaysia ringgit rebounded after FTSE Russell announced in the fixed income report its decision to keep Malaysia on the watch list. Earlier this April, News of Malaysia’s potential exclusion from the World Government Bond Index (WGBI) had dampened interests and demand for Malaysian government bonds, which led to a short spike of bond yield. FTSE’s latest decision has been more or less of a comfort for Malaysia.
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      Malaysia ringgit rebounded after FTSE Russell announced in the fixed income report its decision to keep Malaysia on the watch list. Earlier this April, News of Malaysia‘s potential exclusion from the World Government Bond Index (WGBI) had dampened interests and demand for Malaysian government bonds, which led to a short spike of bond yield. FTSE’s latest decision has been more or less of a comfort for Malaysia.

      However, current situation suggests that the crisis facing Malaysia may not yet be over in September. Though wasn‘t removed from WGBI, Malaysia remained on FTSE’s watch list of potential downgrade, which may explain why the ringgit soon returned to its position before the short rebound. Technically, the candlestick chart shows a bearish trend of USD/MYR, signaling potential decline in the future.

      Meanwhile, yield of 10-year Malaysian Government Securities has dropped by 14.1% compared with its peak in April. The on-going downslope trend can mainly be attributed to the trade tensions and a wave of interest rate cut by global central banks to counter economic recession. On the other hand, MYR/PHP may carry on the previous trend before a trade deal is reached between the two countries. Technically, 4.2000 will be a key point for long position, once the exchange rate exceeds this mark, it will likely climb to somewhere between 4.2200 and 4.2300.

      MYR Pivot Point: 4.1884-4.1890

      S1: 4.1841 R1: 4.1954

      S2: 4.1734 R2: 4.2027

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