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Softer USD Lends Support

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Onshore ringgit trade reopens after a Malaysian holiday and spot USD/MYR trades on a slightly firmer footing, last +22 pips at MYR4.2275. Bullish focus turns to MYR4.2665, which capped gains on Jul 24, 2020. Meanwhile, a bears would be pleased by a pullback under Jul 15 low of MYR4.1955, which would shift focus to Jul 12 low of MYR4.1810.

  • Dep PM Ismail Sabri announced that Malaysia has relaxed virus protocols for businesses, amid an acceleration of domestic vaccination drive.
  • In case you missed it, Fitch affirmed Malaysia at BBB+ before the local market closure, leaving outlook at stable.
  • All eyes in Malaysia are on domestic CPI and foreign reserves data, due this coming Friday.