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Malaysia To Launch Covid Immunisation Campaign Two Days Ahead Of Schedule

MYR

Spot USD/MYR has edged lower in early trade after USD showed some weakness ahead of the weekend. The rate last trades -22 pips at MYR4.0400.

  • A deeper slide through Feb 16 low of MYR4.0260 would bring Jan 4 cycle low of MYR3.9957 into view. On the flip side, a clean break above the 50-DMA at MYR4.0447 would open up Feb 10 high of MYR4.0680.
  • Palm oil futures retreated last Thursday, as Malaysia kept its export tax rate at the maximum level of 8%, but stabilised on Friday, posting a weekly gain. Focus turns to output data for the first 20 days of the month. Amspec data released on Saturday saw exports rise 10.3% M/M in that period, with SGS Malaysia report due today & MPOA data due later in the week.
  • The first batch of Covid-19 jabs arrived in Malaysia on Sunday, allowing the country to begin its inoculation campaign on Feb 24, two days ahead of schedule. Front-line workers will be prioritised in the initial phase of Malaysia's National Immunisation Programme.
  • BNM will release its weekly update on foreign reserves later today. Malaysian CPI comes out on Wednesday and trade balance is due Friday.

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