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On The Defensive

MYR

Spot USD/MYR has added 30 pips thus far and last sits at MYR4.2090, after rallying to fresh two-month highs on Monday. Further gains past Jan 7 high of MYR4.2175 would demonstrate that bullish impetus is taking hold. Bears look for a pullback below MYR4.1750/30, which limited losses on Mar 10/4.

  • Johor's caretaker Chief Minister Hasni Mohammad suggested he would not seek to form the next administration and might give way to a younger candidate. Reminder that Hasni's Barisan Nasional alliance won a decisive victory in the state election concluded last weekend.
  • Looking ahead, Malaysia's Department of Statistics will publish monthly trade data this Friday.

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