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Political Controversies Resurface, 100-DMA In Play

MYR

Spot USD/MYR tested its 100-DMA yesterday but failed to pierce that moving average. The rate last sits -3 pips at MYR4.1815, not too far from the 100-DMA, which intersects at MYR4.1831. A clean break here would allow bulls to set their sights on Oct 6 high of MYR4.1875. Conversely, a pullback under Nov 15 low of MYR4.1580 would give bears a green light for targeting Nov 9 low of MYR4.1485.

  • Former PM Najib has requested a MYR100mn plot of land and home, triggering a fresh political scandal. Najib insisted that he is entitled to the property as former Premier, while FinMin Zafrul confirmed that the Cabinet discussed his application. Opposition leader Anwar suggested that Pakatan Harapan could rethink its pact with the federal government, if Najib receives the property.
  • Malaysia kept its maximum export tax on crude palm oil at 8%. It has been unchanged since January, following a period of government exemption.
  • Monthly CPI report headlines next week's data docket. It will be released next Friday.

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