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Health Min Sounds Alarm On Omicron Spread, BNM In No Rush To Tighten

MYR

Spot USD/MYR has added 43 pips thus far, with Omicron & BNM headlines grabbing attention this morning. The rate changes hands at MYR4.1835, with bulls keeping an eye on Jan 27 high of MYR4.2070, followed by Jan 7 high of MYR4.2175. On the flip side, a fall through Jan 13 low of MYR4.1720 would clear the way to Dec 31 low of MYR4.1642.

  • Gov Shamsiah suggested Bank Negara Malaysia is in no rush to tighten policy, even as the world's major central banks are turning increasingly hawkish. The Governor reiterated that the current policy stance is "appropriate and accommodative," while a "premature withdrawal of policy support could derail the economic recovery."
  • Health Min Khairy warned that daily Covid-19 infections could reach 15,000 soon and called upon the public to register for booster jabs. The daily case count topped 10,000 for the first time in four months on Sunday.
  • Domestic data highlights this week include industrial output (Tuesday) as well as GDP & BoP current account balance (Friday).
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