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Search For New PM Continues

MYR

Spot USD/MYR has added 75 pips in early trade as the rate has played catch up with yesterday's gains in the greenback linked to a miss in U.S. monthly retail sales. In Malaysia, political developments remain front and centre.

  • The pair last trades at MYR4.2450 with bulls looking for a rally above Jul 24, 2020 high of MYR4.2665. On the flip side, initial downside focus falls on MYR4.2105, which limited losses on Aug 5.
  • The Speaker of the lower house of Malaysia's parliament asked lawmakers to submit their pick of the next PM by 16:00 local time today. UMNO formally backed their Vice Pres Ismail Sabri Yaakob, while the Opposition said they might nominate Anwar Ibrahim or Mohd Shafie Apdal.

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