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Consolidation

MYR

Spot USD/MYR had a slightly softer re-open and has held steady since. The rate last operates at MYR4.3535, down 35 pips on the day, after extending its recent bull run to fresh cycle highs on Monday.

  • Downside technical focus falls on Nov 26 high of MYR4.2490. Conversely, bulls need a clearance of yesterday's high of MYR4.3575 before targeting Apr 22, 2020 high of MYR4.4032.
  • Palm oil markets came under scrutiny on Monday, following Indonesia's surprise bank on CPO shipments. The news sent palm oil futures traded in Kuala Lumpur to fresh cycle highs, before speculation that the ban would be less strict than thought earlier resulted in a sharp pullback. Indonesia confirmed that it would only stop shipments of bulk and packaged RBD oil, while allowing crude palm oil exports to continue.
  • Reminder that Malaysian Health Ministry will announce the details of further relaxation of Covid-19 standard operating procedure tomorrow, pending approval by the Cabinet.
  • Worth flagging in advance that Malaysia will see two holiday-elongated weekends next month, in the first and third weeks of May.
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