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Slips On USD Weakness, Awaiting Malaysian CPI

DOLLAR-MYR

USD/MYR operates 40 pips below neutral levels, weighed on by broader dollar weakness we flagged before. The rate sits at MYR4.1870, with participants on the lookout for Malaysian CPI data.

  • Those following Malaysian politics will be watching the upcoming state election in Sabah, slated for Sep 26. It will be the first formal occasion to test popular support for the government of PM Muhyiddin.
  • Malaysian Works Min Fadillah Yusof announced that MYR600mn worth of infrastructure projects from the 2020 budget are still pending approval from the FinMin.
  • A fall through Aug 6 low of MYR4.1832 would allow bears to take aim at MYR4.1597, which represents the low of Mar 5. Conversely, a break above Aug 11 high of MYR4.2065 would draw attention to the 200-DMA, intersecting at MYR4.2269.
  • Malaysia releases its weekly update on foreign reserves on Friday.
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