Malaysia Logs Another Covid Record, UMNO MPs Discuss Support For Muhyiddin

Spot USD/MYR has stuck to a narrow range and last sits at MYR4.2170, little changed on the day. Should the rate slide past yesterday's low of MYR4.2105, bears could take aim at Jul 15 low of MYR4.1955. On the flip side, bulls look to take out Jul 29high of MYR4.2405, before targeting Jul 21 high of MYR4.2440.

• Malaysia reported a record 20,596 new Covid-19 cases Thursday, with Selangor contributing 8,549, by far the most. Meanwhile, FinMin Zafrul confirmed that the gov't will ditch daily infections as one of the three metrics for moving states to further phases of the reopening plan. The Covid-19 hospitalisation rates are set to fill in, while vaccination rates and ICU occupancy rates will remain in use.
• UMNO sources told the Star that at least 19 lawmakers will meet with Dep PM Ismail Sabri today to decide whether to stick with PM Muhyiddin. Malaysiakini reported that UMNO SecGen Ahmad demanded all party MPs to declare their stand on the matter.
• Coming up in Malaysia next week we have monthly industrial output data (Monday) and quarterly GDP report (Friday). It goes without saying that any fresh developments in Malaysia's political drama will provide interest. Local markets will be closed Tuesday owing to a public holiday.