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Stronger In a Range


Weaker In A Range


Ending The Week On A Soft Note


Bearish Risk Growing


Stronger, But Still Vulnerable


SP500 PE Ratio vs. CPI Inflation

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Spot USD/MYR re-opened slightly lower, but has trimmed losses and last sits -20 pips at MYR4.1205, after Thursday's BNM MonPol decision & industrial production data.

  • As we predicted and in line with BBG consensus, BNM maintained its OPR at 1.75% yesterday, pointing to green shoots in economic indicators and flagging downside risks related to the course of the pandemic.
  • Malaysia's industrial production index surged 9.3% Y/Y in March, beating expectations of a 8.7% increase and reaching highest levels since Jul 2013, with gains driven by m'fing & electricity sub-indices. The value of m'fing sales grew 15.3% Y/Y over the same month.
  • Finance Ministry said that the gov't will inject MYR440mn into the State Reserve Fund to help regional gov't's in dealing with the consequences of the Covid-19 outbreak.
  • Health Min Adham said that there are no delays in the National Covid-19 Immunisation Programme and there is a chance it will be completed ahead of schedule.
  • Sabah Local Government and Housing Min suggested that the state will introduce a ban on all inter-district travel from Monday.
  • BNM will release foreign reserve data later today. Next week, focus turns to Tuesday's Q1 GDP & BoP current account balance.
  • A break above May 6 high of MYR4.1267 would clear the way to Apr 16 high of MYR4.1318, while bears look for a dip through Apr 30 low of MYR4.0877.