Light headwinds for spot USD/MYR as onshore markets re-open after a long weekend. The rate last changes hands at MYR4.3942, down 45 pips on the day. The initial bearish target is provided by May 5 low of MYR4.3337, while bulls set their sights on May 13 cycle high of MYR4.3987, followed by Apr 22, 2020 high of MYR4.4032.
- Note that UMNO amended its constitution on Sunday to allow party leadership polls to be delayed by up to half a year after every general election, even if the terms of officers have expired.
- Looking ahead, Malaysia's monthly trade report will hit the wires on Thursday.