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Fresh Cycle Highs For USD/MYR, Malaysia To Implement Moving Food Price Ceiling

MYR

Spot USD/MYR has extended gains after yesterday's dollar-driven rally. The rate last deals +60 pips at MYR4.4235, just shy of fresh cycle highs.

  • From a technical standpoint, the next topside target is provided by Mar 23, 2020 high of MYR4.4490. Bears look for a pullback towards May 31 low of MYR4.3643.
  • Malaysia will introduce a moving ceiling price for consumer products to ensure food security, PM Ismail Sabri announced on Monday. The ceiling will be adjusted according to changes in price input factors.
  • Malaysiakini sources noted that Perikatan Nasional's Muhyiddin is in talks with other party leaders to avoid multi-cornered fights in the upcoming general elections, as Bersatu and its allies seek to avoid a repeat of landslide victories for Barisan Nasional in Melaka and Johor.
  • Malaysia's trade data will hit the wires on Friday.

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