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Free AccessMalaysia May Consider Closing Ramadan Bazaars
Spot USD/MYR continues to find its 200-DMA sticky and last trades +15 pips at MYR4.1248, just shy of that moving average. The rate is poised to mark a third weekly loss.
- A fall through the nearby Apr 7 low of MYR4.1220 would allow bears to take aim at Mar 18 low of MYR4.1020. Meanwhile, a rally above Apr 9 high of MYR4.1454 would bring Mar 31 high of MYR4.1590 into play.
- Several gov't off'ls threatened to close Ramadan bazaars if their operation leads to the spread of Covid-19 infections. Science Min Khairy said that the National Security Council should review its decision to allow the bazaars to open.
- Malaysian Customs Dept left the maximum export tax on crude palm oil at 8%, following January's hike.
- Focus in Malaysia turns to next week's CPI report, due Friday.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.