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SOUTH KOREA

BoK Growth Forecast Could Be At Risk

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Spot USD/MYR has inched higher this morning and last changes hands at MYR4.1420, 25 pips higher on the day. A clearance of Friday's peak at MYR4.1462 would draw attention to May 31/24 highs of MYR4.1480/97. Bears need to force a breach of the 50-DMA at MYR4.1236, before targeting Jun 11 low/200-DMA at MYR4.1070/48.

  • PM Muhyiddin announced that a committee will be formed to look into the details of the reconvening of parliament, including deciding between in-person and hybrid sittings.
  • FinMin Zafrul clarified that phase 2 of the National Recovery Plan will still represent a stringent MCO, but with looser capacity limits and longer list of businesses allowed to operate. Zafrul also said that the gov't will continue to provide support to groups affected by the Covid-19 outbreak and "there is a balance of MYR8.1bn that will be distributed until the end of this year" (as cited by Malay Mail).
  • Malaysia said that it will facilitate Covid-19 inoculations among palm oil sector workers, beginning with a fast-tracked rollout of vaccines for 5,000 workers in Selangor.
  • Malaysia's palm oil exports fell 0.81% M/M to 945,745 tons in the first 20 days of the month, according to Intertek data.
  • Looking ahead, Malaysia's CPI data come out this Friday.