Ringgit Limited By Broader Sentiment & Palm Oil Prices, Holds Familiar Range

Spot USD/MYR has trimmed gains after a firmer re-open and last trades +50 pips at MYR4.1150, holding Friday's range. The rate is supported by a degree of broader risk aversion & softer palm oil prices.

• Palm oil futures continued to falter on Friday and erased gains registered over the last two weeks. Brent & WTI both have resumed losses in early trade today, as we await the re-opening of palm oil futures trade in Kuala Lumpur.
• Malaysian Director-General of Health Noor Hisham said that 3,170 of Covid-19 cases detected in the country this year were caused by inter-state travel.
• Malaysia expelled all North Korean diplomats after the DPRK severed diplomatic ties with Kuala Lumpur, in response to a decision of a Malaysian court to agree to an extradition of a North Korean citizen to the U.S.
• PM Muhyiddin is visiting Sabah for the first time since the Gabungan Rakyat Sabah (GRS) coalition took power in the state. He noted that "the federal gov't will support the Sabah GRS government 110 per cent" and will continue to tour the state today.
• The two-day Palm and Lauric Oils Price Outlook Conference and Exhibition (POC) 2021, which kicks off tomorrow, will see industry experts discuss palm oil price outlook.
• Bank Negara Malaysia will release its update on foreign reserves today. Wednesday's CPI provides the focal point later in the week.
• Bulls need a clearance of Mar 19 high of MYR4.1265 before targeting Mar 10 high/200-DMA, located at MYR4.1382/4.1410. Bears look for a sell-off past Mar 18 low of MYR4.1020, which would open up the 100-DMA at MYR4.0731.