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Ringgit Steady After Muhyiddin Presents Reopening Plan

MYR

Spot USD/MYR trades flat at MYR4.1180, showing little reaction to yesterday's announcement of Malaysia's National Recovery Plan (details below). Bulls need a break above Jun 4 high of MYR4.1330, before setting their sights on May 31 high of MYR4.1480. Bears would be pleased by a slide through Jun 11 low/200-DMA, located at MYR4.1070/4.1052.

  • PM Muhyiddin unveiled Malaysia's reopening plan in a special televised address on Tuesday, pointing at end-Oct as the earliest possible date when restrictions could be fully lifted and life could return to normalcy.
  • The National Recovery Plan is expected to proceed in four phases, and the next phase of easing curbs is expected to begin in Jul, once daily Covid-19 case count falls below 4,000, while vaccination coverage reaches 10% of the population. Parliament will be allowed to reconvene during phase three, expected to commence in Sep, once cases drop below 2,000. The last phase will begin after daily cases average below 500. As a general rule, decisions on moving into further phases will be taken based on three parameters: average daily infections, ICU bed capacity and immunisation coverage.
  • In his address, Muhyiddin warned Malaysians that each day of lockdown costs the country MYR1bn and urged them to register for vaccinations.
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