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Malaysia Unveils Measures To Address Food Supply Issues

MYR

Spot USD/MYR trades +12 pips at MYR4.3910, topside focus falls on May 19 high of MYR4.4085. A clearance of that level would shift focus to Mar 23, 2020 high of MYR4.4490. On the flip side, a sell-off past May 12 low of MYR4.3730 would allow bears to take aim at May 5 low of MYR4.3337.

  • PM Ismail Sabri unveiled measures to tackle rising food prices after a Cabinet meeting brought forward to Monday. Malaysia will limit chicken exports from June and remove approved permit (AP) requirement for wheat imports to secure stable supply and pricing.
  • Reminder that Malaysia's CPI data will hit the wires on Wednesday.

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