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Malaysia Wary Of Potential Virus Resurgence

MYR

Spot USD/MYR re-opened on a softer footing, likely as a result of overnight greenback sales. The pair last sits at MYR4.1245, 20 pips worse off on the day.

  • A break below Apr 7 low/23.6% retracement of the Jan 4 - Mar 31 rally at MYR4.1220/4.1205 would shift focus to Mar 18 low of MYR4.1020. On the flip side, a jump above Apr 9 high of MYR4.1454 would expose Mar 31 cycle high of MYR4.1590.
  • FinMin Zafrul said that MYR420.8mn of micro credit financing has been channelled to 12,651 micro, small, and medium enterprises under Malaysia's Short-term Economic Recovery Plan.
  • Malaysian epidemiological experts warned against the impending fourth wave of infections. PM Muhyiddin called upon Ramadan bazaar visitors to observe existing Covid-19 restrictions.
  • The Health Ministry identified 22 cases as "variants of concern" since February. These variants are suspected to be more contagious.
  • Nothing much left on Malaysia's docket this week. The country's biggest lender Maybank will hold a briefing today.

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