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USD/MYR and 3 New Forex Pairs Are Now Live at ICDX
USD/MYR and 3 New Forex Pairs Are Now Live at ICDX
Monday, 27 June 2022

The USD/MYR pair is an attractive alternative currency option to trade. This is because Malaysia is one of the countries in Southeast Asia with a strong economy due to its abundant natural resources, such as CPO, crude oil, and rubber.

Abundant natural resources and supported by a tropical climate make Malaysia one of the largest palm oil producers. Malaysian Palm Oil Council data says Malaysia will supply around 32% of the world's vegetable oil demand in 2021. The Malaysian Palm Oil Council (MPOC) released data for CPO production in Q1 to increase from 1,253,577 million in January to 1,462,021 in April. , increased by 16.63%. Countries that need Malaysian CPO from India, China, the Netherlands, Turkey, and others.

According to OEC data, in 2020 Malaysia exported $5.18 billion of crude oil, making it the 21st largest exporter of crude oil in the world. In the same year, crude oil became the 10th most exported product in Malaysia. The main destinations for crude oil exports from Malaysia were Australia ($1.29M), India ($891M), Thailand ($840M), China ($512M), and Japan ($483M).

In 2020, Malaysia also exported $901 million worth of rubber, making Malaysia the 4th largest rubber exporter in the world. Some of the main destinations for Malaysia's rubber exports are China ($390M), Germany ($88.7B), United Arab Emirates ($37.3B), Slovakia ($34.9M), and the United States ($29.6B).

On the other hand, Malaysia also has 2 of the 5 largest ports in Southeast Asia, namely the port of Klang and the port of Tanjung Pelepas. Klang Port is the second largest port in Southeast Asia with traffic reaching 12.3 million TEU in 2018. This port is located on the coast of the Malacca Strait which is one of the busiest sea lanes in the world.

Meanwhile, Tanjung Pelepas Port is the third largest port in Southeast Asia and one of the 20 largest ports in the world. With an estimated annual traffic of 12 million TEUs As of October 2019, the Malaysian government has plans to double its capacity to over 30 million TEUs by 2030.

This makes the USD/MYR pair an attractive currency pair to trade.

ICDX Launches USD/MYRMic and 3 Other Forex Pairs

To take advantage of this USD/MYR Micro movement, the USD/MYR currency pair is now available on GOFX with a contract size of MYR 1,000.

Together with USD/MYR Micro, ICDX also launched three other forex pairs, namely AUD/NZD Micro, NZD/CAD Micro, and EUR/AUD Mini. These four contracts complete the collection of forex incorporated in GOFX products.

by: Jonathan Oktavianus & Taufan Dimas Hareva

Click the banner below to view the full contract specifications

USD/MYR Micro
AUD/NZD Micro
NZD/CAD Micro
EUR/AUD Mini
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