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Spot USD/MYR trades at MYR4.2382 at typing, with the ringgit impervious to elevated political uncertainty in Malaysia so far. The high print of Jul 21, located at MYR4.2440, provides the initial bullish target and a break here would open up Jul 24, 2020 high of MYR4.2665. On the flip side, bears look for a slide through yesterday's trough at MYR4.2215, before taking aim at Jul 15 low of MYR4.1955.
- Malaysia's King stepped in to reprimand the government for misleading lawmakers over the cancellation of emergency ordinances enacted during amidst the outbreak of Covid-19, throwing the parliamentary sitting into disarray. Click to see our brief summary of what happened.
- Agong's intervention puts PM Muhyiddin in a more precarious position, with his political fate hinging on the outcome of infighting among factions within coalition partner UMNO. As a reminder, UMNO withdrew support for Muhyiddin this month, but its ministers and MPs have continued to back the government.
- Elsewhere, palm oil futures staged a rebound Thursday, recouping its largest daily loss in over a month, amid talk that a sluggish recovery in Malaysia's production could result in lower domestic stockpiles.