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Spot USD/MYR registered its largest upswing in two months Tuesday, breaching its 50-DMA & 200-DMA in the process, as continued coronavirus worry in Malaysia took its toll on the ringgit. The rate last trades at MYR4.1215, virtually unchanged on the day.
- Defence Min Sabri Yaakob announced that the gov't will upgrade the level of restrictions in six Selangor districts to MCO, initially through May 17. Selangor is Malaysia's richest state and one of national economic powerhouses. The official added that hosting open house & interstate travel will remain banned during next week's Hari Raya celebrations.
- Malaysian vaccine czar Khairy said the country will reveal to the public locations identified as Covid-19 hotspots from Friday, in a bid to contain the spread of infections. On the tightened Selangor restrictions, Khairy said that residents of areas placed under MCO travelling to get their vaccinations will be allowed to cross district borders.
- Both Ministers said the gov't doesn't plan to implement another round of wide-ranging lockdowns and will strive to avert such a scenario.
- BNM are set to deliver their monetary policy decision on Thursday, but are widely expected to leave interest rates on hold. Our usual comprehensive preview of the meeting is forthcoming.
- Elsewhere, local industrial output/m'fing sales hit the wires Thursday, while the latest update on foreign reserves comes out Friday.
- Bulls need a clearance of Tuesday's high of MYR4.1262 before taking aim at Apr 16 high of MYR4.1318. Bears see Apr 30 low of MYR4.0877 as their next key target.