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 unchanged at 3.00 pct, says Scotiabank - EconoTimes)
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Bank Negara Malaysia (BNM) is expected to leave its overnight policy rate (OPR) unchanged at 3.00 percent given the nation’s strong economic growth and benign inflation outlook. Malaysia's economy grew 5.8 percent y/y in the second quarter, the fastest pace in more than two years. It has added to speculation over an early general election to be called by PM Najib.
Meanwhile, the nation’s inflation will likely decline in November and December on account of favorable base effect. The MYR advanced slightly in August although foreign investor pulled out funds from local stock markets. Going forward, the 4.30 level will continue to serve as a resistance for USD/MYR.
"The MYR is expected to advance to catch up with gains in regional peers as it remains undervalued in terms of either the NEER or the REER. After breaking below the 4.25 level on Wednesday, USD/MYR could head for 4.20 followed by 4.10 and 4.00 going forward," Scotiabank commented in its latest research report.
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