Ringgit Rangebound After Hitting Fresh Monthly High

Spot USD/MYR holds a familiar range after gapping lower at yesterday's re-open & extending losses to worst levels in a month. The rate last trades +37 pips at MYR4.1195.

• Palm oil futures surged in Malaysia by the most in almost three weeks Tuesday, even as WTI went offered. Malaysia's key export commodity was underpinned by strong shipments data & firmer soybean oil prices.
• Foreign Min Hishammuddin said himself & PM Muhyiddin will attend an ASEAN summit in Jakarta on Saturday, where they will push for sending observers to Myanmar.
• Ex-PM Mahathir told journalists that Malaysians are showing frustration with the King after his decision to declare an ill-advised state of emergency. Mahathir and a group of opposition MPs unsuccessfully sought an audience with the monarch to discuss the matter.
• Malaysia's foreign reserves data are due tomorrow, CPI report comes out Friday.
• Malaysia's Plantation Industries & Commodities Min will speak with Belgium's ambassador next month to discuss after Brussels said it wants to ban soy & palm oil from 2022.
• A breach of Apr 16 high of MYR4.1318 would clear the way to MYR4.1454, the high print of Apr 9. Meanwhile, a slide through Apr 20 low of MYR4.1128 would draw attention to Mar 18 low/50-DMA at MYR4.1020/4.0999.