Local Media Suggest Some States Could Enter Phase 2 Of National Recovery Plan Early

Spot USD/MYR started today's session on a slightly firmer footing and last trades +35 pips at MYR4.1525. Bulls see Jun 24 high of MYR4.1710 as their initial target, while bears keep an eye on Jun 25 low of MYR4.1423, followed by the 50-DMA at MYR4.1275.

• FinMin Zafrul noted that the distribution of cash handouts to eligible recipients under the latest stimulus package will take place in stages, starting immediately.
• Astro Awani ran a source report noting that three states (Perlis, Kelantan and Terengganu) could move to Phase 2 of the National Recovery Plan by next week. The media outlet said this proposal has been submitted to PM Muhyiddin.
• Speakers of the lower and upper houses of the Malaysian parliament issued a joint statement after their audience with the King, reiterating the monarch's view that the legislature should reopen by the end of this month. Officials said they briefed PM Muhyiddin and proposed to call a special session before Aug 1, when the state of emergency is set to expire.
• Palm oil futures in Kuala Lumpur caught a bid Wednesday, after top buyer India cut its import tax on the commodity.
• Malaysia's Markit M'fing PMI will hit the wires later today.