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Malaysia Avoids Exclusion From FTSE's WGBI

DOLLAR-MYR

Spot USD/MYR re-opened slightly lower, as Malaysia averted exclusion from FTSE's World Government Bond Index, but was left on the watchlist. FTSE acknowledged BNM's attempts to improve market accessibility, but suggested that it expects further reforms. USD/MYR has pared losses since and last trades -35 pips at MYR4.1675.

  • A move through Sep 9 high of MYR4.1757 would open up the 50-DMA at MYR4.1915. Bears need a dip through Sep 21 low of MYR4.1080 to reinstate the broader downtrend.
  • Malaysian political crisis remains in focus, with markets awaiting clarity. The King will hold an audience with opposition leader Anwar soon to test his claim that the he commands the support of parliamentary majority. The date of the meeting has not been set yet.
  • Malaysian trade balance comes out on Monday, with M'fing PMI due Thursday.
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