Today , May 17, 2024, Malaysia’s economic and financial report for Q1 2024 highlighted that Bank Negara Malaysia’s efforts have eased pressure on the ringgit. Coordinated efforts with government-linked entities and exporters increased forex market flows. Despite a 2.4% depreciation against the USD since the start of the year, the ringgit appreciated by 0.5% on a NEER basis. Additionally, Malaysia’s GDP growth figures, released at 4:00 am GMT, exceeded expectations with a YoY growth rate of 4.2% (forecast 3.9%) and a QoQ growth rate of 1.4% (forecast 1.1%), benefiting the ringgit.
GDP Growth Rate Q1 ( QoQ & YoY ) 
Malaysia’s GDP Growth Rate QoQ Q1, grew by 1.40 percent in the first quarter of 2024 compared to the previous quarter.
Malaysia’s GDP Growth Rate YoY Final, Q1 grew 4.2% year-on-year in the first quarter of 2024, beating the forecast of 3.9% and up from a revised 2.9% in the previous quarter. This is the fastest growth in a year, driven by strong performance in construction (11.9%), mining and quarrying (5.7%), and services (4.7%). Manufacturing also rebounded (1.9%), while agriculture growth slowed (1.6%).
Technical Analysis 
From a technical analysis perspective, using the daily chart of USDMYR on TradingView, the exchange rate has been consolidating between a resistance level at 4.7960 and support at 4.6736, with the current rate around 4.6810. A break below the support level suggests a bearish continuation, while a bounce off this support increases the likelihood of a move towards resistance. If the resistance level is breached, it indicates a potential for further bullish momentum.
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