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Extends Gains On Broader Risk-On Flows, Prints Another YtD High

MYR

Spot USD/MYR grinds lower still, printing fresh YtD lows at the start to the week. It last sits -20 pips at MYR4.0475, after a familiar combination of risk-on developments from over the weekend inspired USD sales across the board.

  • PM Muhyiddin said on Sunday that the gov't is planning to boost orders of Covid-19 vaccines, as it aims to inoculate 60% or 70% of the population.
  • Elsewhere, the Health Ministry's director-general Noor Hisham said that Malaysia is shortening the quarantine period for inbound travellers to 10 from 14 days, effective from today.
  • A clean break below the lower 2.0% Bollinger band at MYR4.0457 (today's early low was at MYR4.0445) would clear the way to the psychological MYR4.0000 level. Conversely, a rebound above Dec 7 high of MYR4.0885 would give bulls some hope for a more energetic recovery.
  • The Malaysian economic docket is virtually empty this week, when it comes to regular events/data releases.

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