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Malaysia Counts ICU Beds, Declares Record Number Of Deaths From Covid-19

MYR

Spot USD/MYR has shed 20 pips so far and last trades at MYR4.1270, shrugging off the latest downbeat musings about Malaysia's Covid-19 situation.

  • In another worrying sign, Malaysia recorded the highest number of deaths from Covid-19 on Monday since the beginning of the pandemic. Selangor was the largest contributor to the total daily tally of new cases, which was 4,446. Health Min Adham noted that a full Movement Control Order (MCO) could be implemented in Selangor, if current measures fail to reign in the spread of the virus. Meanwhile, Sarawak Health Director suggested that the state has run out of Covid-19 ICU beds. In Selangor, local Health Dept is expected to add up to 1,600 beds (including 300 ICU units) at an ad-hoc Covid-19 treatment centre.
  • Bank Negara Malaysia are set to release the latest foreign reserves data this Friday.
  • Should spot USD/MYR break above May 17 high/channel top at MYR4.1372/86, bulls would be able to target Apr 9 high of MYR4.1454. Bears need to force a break under channel floor at MYR4.1032 before taking aim at May 10 low of MYR4.0970.
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