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Ringgit Rangebound, Malaysia Eyes Looser Curbs & New Taxes

MYR

Spot USD/MYR has inched higher and last sits +10 pips at MYR4.1940, with bulls looking for a break above the 50-DMA at MYR4.2015. A move through that moving average would turn focus to Aug 18 cycle high of MYR4.2450. On the flip side, should the rate slide through the 100-DMA at MYR4.1676, bears would be able to take aim at Sep 10 low of MYR4.1300.

  • PM Ismail Sabri announced that the gov't will allow interstate travel and reopen the tourism sector once 90% of Malaysia's adult population get their Covid-19 jabs. The gov't will also allow a number of selected businesses to resume operations from next month.
  • Dep FinMin Yamani told lawmakers Wednesday that the gov't is considering implementing a capital gains tax and a one-off higher tax rate on companies which have made large profits during the pandemic. The one-off levy would be used to fund measures to stimulate economic recovery and provide relief to targeted groups.
  • Data-wise, Friday's release of Malaysian CPI provides the highlight during the remainder of this week.
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