Ringgit Goes Offered On Risk-Off Impulse, Trade Data On Tap

Spot USD/MYR starts the session on a firmer footing in the wake of Wednesday's flight to safety. The rate deals +65 pips at MYR4.4038 at typing, hitting best levels since March 2020. The rate has punched through resistance from Apr 22, 2020 high of MYR4.4032 and bulls now set their sights on Mar 23, 2020 high of MYR4.4490. Conversely, a pullback through May 12 low of MYR4.3730 would allow bears to target May 5 low of MYR4.3337.

• Malaysiakini cites the results of a survey commissioned by the International Republican Institute that showed that a majority of Malaysians approve of PM Ismail Sabri's government, even as just 17% of respondents expressed strong approval.
• After hours Wednesday, PM Ismail Sabri announced that Malaysia will scrap approved permits for food imports to secure adequate food supplies. Meanwhile, the Agriculture Ministry has been tasked with drafting plans to avoid a food crisis in the country.
• Malaysia's trade report will be published later today. Monthly trade surplus is expected to have shrunk to MYR22.25bn in April from MYR26.70bn prior.