Ringgit Appreciates After Holiday

Spot USD/MYR dropped upon return from Lunar New Year holidays, catching up with residual impetus from the period when onshore markets were closed. The rate last operates -75 pips at MYR4.1780.

• Bears need a fall through the 200-DMA/Jan 13 low at MYR4.1739/20 before setting their sights on Dec 31 low of MYR4.1642. Bulls would be pleased by a rebound above MYR4.2070, which capped gains on Jan 27.
• Expansion in Malaysia's manufacturing sector slowed in January, as Markit M'fing PMI deteriorated to 50.5 from 52.8 recorded in December. Nonetheless, "the downturn looks to be only mild in comparison to previous waves of the pandemic and will likely be short lived."
• Health Min Khairy said that over half a million children aged 5 to 11 have registered for their Covid-19 jabs as of Tuesday, as the national immunisation drive targeting that age group begins today.