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Malaysia May Consider Closing Ramadan Bazaars

MYR

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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