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Cabinet Meeting Brought Forward, CPO Export Tax Kept Unchanged

MYR

Spot USD/MYR trades flat at MYR4.3890 as we type, with bulls setting their sights on May 19 high of MYR4.4085. A break here would shift focus to Mar 23, 2020 high of MYR4.4490. On the flip side, a slide through May 12 low of MYR4.3730 would bring May 5 low of MYR4.3337 into play.

  • PM Ismail Sabri will bring forward the weekly Cabinet meeting to later today from Wednesday, Bernama reported. Ministers will discuss food supply issues and the rising costs of living.
  • Malaysia's Commodities Ministry Zuraida Kamaruddin said that her "ministry does not expect a big downward adjustment to CPO prices as the market is well aware that [Indonesia's export] ban was always going to be temporary."
  • Note that last week Malaysia kept crude palm oil export tax at 8%, despite earlier suggestions that a 2-4ppt cut was being discussed (although the timing of its implementation was not given).
  • Malaysia's inflation data is due Wednesday, with headline CPI expected to have accelerated to +2.3% Y/Y in April from +2.2% prior.
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