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Malaysia Rules Out Cooking Oil Export Curbs, Inflation Data On Tap

MYR

Spot USD/MYR has shed 90 pips this morning following the overnight decline in U.S. Tsy yields. From a technical point of view, bears need a fall through May 12 low of MYR4.3730 before targeting May 5 low of MYR4.3337. On the flip side, bulls need a rally above May 19 high of MYR4.4085 to regain poise.

  • The government will not implement restrictions on cooking oil exports amid ample domestic supplies, Plantation Industries and Commodities Minister Zuraida Kamaruddin told Bloomberg on Tuesday. She noted that Malaysia is looking to fill the gap in the edible oil markets caused by Russia's invasion of Ukraine and Indonesia's export curbs.
  • Malaysia's consumer prices are expected to have grown 2.3% Y/Y in April after a 2.2% increase recorded in March. The data will be out within a few hours.
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