Regional Political Crisis Resolved, BERSATU & UMNO Pick New Perak Leader

USD/MYR last deals +13 pips better off at MYR4.0638, with the rate trading sideways after a marginally higher re-open. Bulls continue to target Dec 7 high of MYR4.0885 before attempting a move at Nov 19 high of MYR4.1003. Conversely, losses past Dec 4 low of MYR4.0585 would expose Jan 20 YtD low of MYR4.0515.

• The political crisis in the Malaysian state of Perak appears to be contained after regional lawmakers from the UMNO party initiated the ouster of Perak's Menteri Besar (head of gov't), who happened to be one of the leaders of PM Muhyiddin's BERSATU party, the federal coalition partner of UMNO.
• A meeting between top party officials helped reach accord, with parties committing to further cooperation at regional and federal level. BERSATU and its ally PAS agreed to back UMNO lawmaker Datuk Saarani Mohamad to become the next Menteri Besar, with the swearing ceremony slated for 11am today.
• Elsewhere, Malaysian Health Ministry announced that the Covid-19 vaccine won't need to be halal in order to be distributed in the country.
• Malaysia's industrial output & m'fing sales data hit the wires tomorrow.