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Spot USD/MYR has shed 15 pips and last trades at mYR4.0433, with participants digesting chatter re: Malaysia's strategy on limiting further spread of Covid-19.
- Int'l Trade & Industries Min Azmin Ali downplayed calls for a nationwide "total lockdown," noting that it should be weighed against alternative scenarios. He signalled potential for more targeted tightening of restrictions to curb the spread of Covid-19 infections and anticipated that the economy will need "an extended period of time" to resume growth.
- Elsewhere, Director-General of Health Noor Hisham suggested that the gov't will be reluctant to extend its Movement Control Order (MCO) beyond the current deadline of Deb 4, as a prolonged MCO would undermine economic recovery. Instead, the gov't will likely opt for a three-month conditional MCO.
- Spot USD/MYR remains trapped within Monday's range, with bulls looking to take out the 50-DMA at MYR4.0566 before targeting Jan 12 high of MYR4.0760. Conversely, a dip through Jan 21 low of MYR4.0290 would bring Jan 4 cycle low of MYR3.9957 into view.
- Malaysia will report its latest trade data this Friday.