Ringgit Goes Offered Even As Malaysia Eases Covid Restrictions

Spot USD/MYR has played catch up to overnight gains in the greenback. The ringgit has failed to draw support from the easing of Covid-19 restrictions in Malaysia amid caveats re: its scope. USD/MYR last changes hands +153 pips at MYR4.0435.

• Defence Min Ismail Sabri announced Tuesday that Malaysia will relax movement restrictions in most of the country, while extending the existing Movement Control Order in Kuala Lumpur, Penang, Selangor and Johor through Mar 4. The gov't has also decided to remove the 10km travel limit, but left the ban on interstate & interdistrict travel in place.
• PM Muhyiddin launched the national vaccination plan guidebook yesterday, noting that the first batch of the Pfizer jab will arrive in the country on Sunday. Malaysia has secured enough doses of Covid-19 vaccines to cover 110% of the population.
• The Pakatan Harapan Immunisation Committee said that the opposition will support the gov't's Covid-19 inoculation effort.
• A move through the 50-DMA at MYR4.0465 would bring Feb 10 high of MYR4.0680 into play. Meanwhile, losses past Feb 16 low of MYR4.0260 would expose Jan 4 cycle low of MYR3.9957.
• Malaysia's economic docket is virtually empty during the remainder of this week.