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Ringgit Stable, FinMin To Table Fiscal Responsibility Act Next Month

MYR

Spot USD/MYR trades +5 pips at MYR4.3950, after staging a round trip from the intraday low of MYR4.3895 on Wednesday.

  • Topside technical focus falls on May 26 high of MYR4.4012 and a break here would bring May 19 high of MYR4.4085 into play. Bears need a retreat past May 31 low of MYR4.3643 before targeting May 5 low of MYR4.3337.
  • The Finance Ministry is looking to table the Fiscal Responsibility Act in the upcoming parliament session starting on Jul 18, as it seeks to expand Malaysia's tax base. FinMin Zafrul said that the government is still studying different tax systems and is looking into the re-introduction of the Goods and Services Tax (GST).
  • Elsewhere, Defence Min Hishammuddin said that the potential departure of Plantation Industries and Commodities Minister Zuraida was not on the Cabinet's agenda yesterday.
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