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Ringgit Garners Strength, Court Delivers Judgement On Najib's Appeal

MYR

Spot USD/MYR drops in early trade in reaction to overnight market moves driven by growing prospects for more policy easing out of China and easing Omicron worry.

  • The pair last sits -155 pips at MYR4.2168, with bears eyeing Dec 1 low of MYR4.2000 for initial support. Bulls need a break above Dec 3 high of MYR4.2372 before taking aim at Nov 26 cycle high of MYR4.2490.
  • Malaysia tightened border controls in response to the spread of Omicron variant. Health Min Khairy announced that travellers from the U.S., UK, Australia, France & Norway will have to self-isolate for 7 or 10 days and wear a digital tracker after arrival.
  • The Court of Appeal unanimously ruled that former Premier Najib received a fair trial and has conflict of interest in ex-1MD unit case, adding that his actions were a "national embarrassment." The Court is still reading the judgement as we type.
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