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Gov't Warns Its Growth Forecast May Be Outdated

MYR

USD/MYR trades at MYR4.1900, 15 pips worse off, after briefly showing at a fresh cycle high of MYR4.1940 on Monday. A clearance of that level would shift focus to Aug 11, 2020 high of MYR4.2065. Conversely, bears look for a pullback under Jul 6 low of MYR4.1480.

  • Dep PM Ismail Sabri announced that Sarawak will move into Phase Two of the National Recovery Plan on Thursday, after meeting three virus-related criteria.
  • In an interview with BBG TV, FinMin Zafrul said that the gov't may lower its 2021 growth forecast to around +4.0% Y/Y from the current +6.0%-7.5%, adding that he would propose raising the legal debt ceiling to 65% of GDP from 60%, as fiscal deficit may prove wider than projected this year.
  • The local data docket is fairly empty during the remainder of this week.
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