July 29, 2022 00:13 GMT
Spot USD/MYR has lost some altitude this morning, extending Thursday's losses, with the move lower largely driven by the moderation in Fed rate hike bets. The pair last deals at MYR4.4482, down 52 pips on the day.
- Bears would be pleased by a drop below the 50-DMA, which kicks in at MYR4.4148. On the flip side, a break above Jul 27 high of MYR4.4625 would bring Jan 4, 2017 high of MYR4.5002 into play.
- The Dewan Rakyat passed a bipartisan bill to prohibit lawmakers from party-hopping in a unanimous vote. The upper house will debate the law on August 9 and there's a good chance it will take effect in early September. The adoption of the bill has triggered speculation about the timing of the next general election.
- Palm oil futures extended their recovery in Thursday's after-hours trade, with the most active contract hitting its best levels in more than a week.
- Malaysia's Human Resources Minister Saravanan said Indonesia has agreed to withdraw a temporary halt on sending temporary workers, which exacerbated labour shortages in Malaysia.