FxWirePro: MYR hits fresh 17-year lows, likely to remain in free fall

Malaysia's ringgit hit a fresh 17-year low against the USD on Friday, panic buying seen on break above 4.05.

• The ringgit spiked to day's highs of 4.1213 per dollar, and has eased since to trade at 4.070 last.
• Fall in oil prices increased concerns over the country's exports, crude futures hit 6-1/2 lows weigh on MYR.
• Country's internal politics had raised sentiments of uncertainty towards the administration, which, in turn, affected the ringgit.
• China's devaluation of the yuan, which is causing other Asean currencies to slump is further adding to pressure.
• Technicals indicate correction in the near term, RSI and Stochs at overbought levels and Stochs show bearish crossover.