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Overnight Impetus Pressures Ringgit

MYR

Spot USD/MYR jumped after the re-open, catching up with yesterday's risk rout. The rate last deals +87 pips at MYR4.3575, with bulls looking for a rally above Apr 28 high of MYR4.3687, which would bring May 18, 2020 high of MYR4.3725 into play. Initial bearish target is provided by yesterday's low of MYR4.3337 and a break here would expose Apr 22 low of MYR4.2900.

  • Former Premier Muhyiddin reiterated his claim that Ahmad Zahid had asked him to intervene in court proceedings related to his criminal cases, provoking fresh legal action from UMNO leader. Zahid had filed a defamation suit against Muhyiddin last month, in a reminder of tense relations within the disintegrating ruling coalition
  • Next week's data highlights include industrial output (Tuesday) as well as BoP current account balance & GDP (Friday).
  • The next monetary policy meeting of Bank Negara Malaysia is slated for Wednesday.

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