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MYR

Spot USD/MYR reopened on a slightly softer footing after a weekend elongated by a public holiday in Malaysia. The rate last trades at MYR4.1215, 65 pips lower on the day, with initial weakness likely a function of yesterday's greenback sales.

  • BBG reported that the gov't "has extended the expiry of existing income tax exemption on interest or profit earned from deposits for corporate investors in retail money market funds".
  • The Straits Times ran a source report noting that "the heads of Malaysia's nine royal households are set to hold an emergency meeting next Wednesday (June 16), to discuss the country's Covid-19 crisis". The meeting will be preceded by the King's consultations with leaders of Malaysian political parties.
  • Bank Negara Malaysia will release its bi-weekly update on foreign reserves today. Looking further afield, Malaysia's industrial output hits the wires on Friday.
  • Bears look for a dip through Jun 1 low of MYR4.1167 before taking aim at May 10 low of MYR4.0970. Bulls need a rally above Jun 4 high of MYR4.1330 before targeting MYR4.1480, the high print of May 31.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com