Hospitals Running Out Of ICU Beds, Sabah To Impose Inter-District Travel Ban

Spot USD/MYR remains in a bullish phase after forming a golden cross pattern last week. The rate has added 85 pips so far and last trades at MYR4.1337, printing levels not seen in a month. Continued Covid-19 worry has pressured the ringgit, despite greenback losses seen after onshore ringgit trade closed on Friday.

• It is the fourth day of gains for USD/MYR and bulls look for a further rally past Apr 9 high of MYR4.1454, towards Mar 31 high of MYR4.1590. Conversely, a dip through the 200-DMA at MYR4.1135, which limited losses last Friday, would turn focus to May 10 low of MYR4.0970.
• Malaysia's Director General of Health Noor Hisham said that the number of people "brought in dead" has increased, with the Klang Valley witnessing the most difficult situation, and warned that hospitals across the country are running out of ICU beds. In some states, ICU occupancy rate hovers above 80%, while some hospitals have already used up all of their dedicated Covid-19 beds.
• Sabah will implement an inter-district travel ban May 27 through Jun 3. The rule will be in place during the state-level Pesta Kaamatan celebrations, scheduled for May 30-31.
• Malaysia's foreign reserves data come out this Friday.