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Ringgit Extends Gains, Malaysian CPI Eyed

MYR

Spot USD/MYR has extended yesterday's losses, albeit only slightly. The rate last sits at MYR4.1800, a dozen pips lower on the day, with bears looking for a dip through Sep 15 low of MYR4.1572 towards Sep 10 low of MYR4.1300. Bulls need a push through yesterday's/Sep 21 highs of MYR4.1955/60 before targeting the 50-DMA at MYR4.2010.

  • Law Min Wan Junaidi outlined plans of political reforms in his comments to lawmakers Thursday. The government wants to implement Undi18 (i.e. lowering of voting age) and automatic voter registration by the year-end, which is expected to boost the number of voters by 5.6mn. The Minister also told the Dewan Rakyat that the Attorney General has been asked to draft the anti-hopping law but it is yet to be decided if switching party allegiance by a sitting MP will be a criminal offence.
  • Foreign Min Saifuddin said that Malaysia and Singapore are in talks to reopen their mutual border soon.
  • Malaysia's Department of Statistics are set to publish monthly CPI data later today, consensus forecast points to a steady pace of price growth.
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