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Ringgit Rangebound, King Meets With Party Leaders To Discuss Covid Handling

MYR

Spot USD/MYR rangebound this morning, last sits at MYR4.1175, little changed on the day. The local news flow has lacked any notable catalysts, which resulted in a slow start to the session.

  • The consultations between Malaysia's monarch and party leaders have begun and main opposition leaders Anwar Ibrahim, Lim Guan Eng and Mohamad Sabu were granted audiences on Wednesday. Ex-PM Mahathir Mohamad will meet with the King today. Leaders discuss Malaysia's handling of the Covid-19 outbreak, amid widespread criticism of the decision to suspend parliament owing to the national state of emergency.
  • Malaysia's Covid-19 vaccine czar announced that the next phase of the national immunisation campaign targeting employees of key economic sectors will be launched on Jun 16 in Pengerang. Targeted sectors include manufacturing, logistics, transportation, utility and energy.
  • Official data showed that of Covid-19 patients in ICU rose to a record high of 905 yesterday.
  • The main highlight of the local data docket during the reminder of this week is Friday's industrial output.
  • The initial bullish target is provided by Jun 4 high of MYR4.1330. A break here would bring May 31 high of MYR4.1480 into play. Bears need a fall through the 200-DMA at MYR4.1065 before taking aim at May 10 low of MYR4.0970.

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