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Post-FOMC Flows Dominate

MYR

Spot USD/MYR goes offered as Malaysian markets play catch-up with the monetary policy decision delivered by the Fed overnight. U.S. policymakers decided on a 75bp rate hike, but Chair Powell called it an "unusually large" move and played down potential for such hikes becoming "common."

  • The rate last deals at MYR4.3977, down 145 pips on the day. From the technical standpoint, the next firm layer or support has been defined at MYR4.3643, which limited losses on May 31. Bulls need a rebound above Jun 14 high of MYR4.4255 to regain poise before targeting Mar 23, 2020 high of MYR4.4490.
  • Barisan Nasional SecGen Zambry Kadir said that the alliance is preparing for a general election by the year-end, although the exact date is yet to be decided. The poll must be held by September 2023.
  • The Cabinet agreed on several additional measures to address food supply issues, but also partly relaxed a ban on chicken exports.
  • Looking ahead, Malaysia's trade data will hit the wires on Friday.
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