Malaysian Ringgit: Range-bound risks and key levels against US Dollar – OCBC
OCBC’s Christopher Wong notes that Bank Negara Malaysia (BNM) kept the OPR at 2.75% and struck a slightly firmer tone, with growth expected to stay resilient into 2027. The economist still projects an OPR normalisation to 3.00% in January 2027.
OCBC economist Christopher Wong comments on Bank Negara Malaysia's decision to maintain the overnight policy rate (OPR) at 2.75%, noting a slightly more assertive tone. Wong anticipates the OPR to normalize to 3.00% in January 2027. He points out that a robust domestic environment should bolster the Malaysian Ringgit, but stresses that near-term USD/MYR fluctuations will be influenced by global rate movements, risk sentiment, and the broader USD.
BNM affirmed its commitment to price stability and sustainable growth, dropping its previous description of the current policy stance as "appropriate." The currency pair is currently trading near 4.0420, with support at 4.0320 and resistance at 4.05 and 4.0610 levels.
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