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Ringgit Firms Up At Re-Open

MYR

USD/MYR trades -47 pips at MYR4.0393 after a lower re-open, slightly above early session lows. The rate is happy to hold Monday's range. A fall through Feb 16 low of MYR4.0260 would clear the way to Jan 4 low of MYR3.9957. On the flip side, a clean break above the 50-DMA at MYR4.0442 would bring Feb 10 high of MYR4.0680 into play.

  • Securities Commission Malaysia & Bursa Malaysia said that they will extend the suspension on intraday short selling through August.
  • Oil palm growers expressed a sense of surprise with the gov't's decision to hike cess on crude palm oil and crude palm kernel oil.
  • Barisan Nasional advisory council Chair Najib told Astro Awani that anyone, including ex-PM Mahathir, can apply to rejoin UMNO but "they cannot set their own terms." His comments appeared to be a response to recent remarks by Mahathir, who said that "if UMNO held on to its earlier struggles for the people, country and religion, I can return to UMNO."
  • Malaysian CPI hits the wires on Wednesday, with trade balance coming up on Friday.

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