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Speculation Around Cabinet Line-Up Grabs Attention

MYR

Spot USD/MYR has extended losses this morning and now changes hands at MYR4.2135, 40 pips lower on the day. Bears look for further losses past Aug 5 low of MYR4.2105, which would clear the way to the 50-DMA at MYR4.1971. On the flip side, a rebound above Aug 18 high of MYR4.2450 would give bulls a fresh impetus.

  • Malay Mail sources said that Malaysia's new PM Ismail Sabri may be forced to name a Deputy PM from Bersatu in return for their support for his prime ministerial bid. One Bersatu source told the newspaper that the party would nominate Datuk Seri Azmin Ali for the Deputy PM and Minister of Finance, which "has not been well received by" Ismail Sabri's UMNO.
  • The article comes after two separate reports circulated by Malaysiakini and Free Radio Malaysia, which suggested that Azmin and his allies could pull support from Ismail Sabri, if the Bersatu lawmaker did not become Deputy PM. Azmin's political secretary pushed back against these reports, calling them "false, malicious and irresponsible".
  • Elsewhere, PM Ismail Sabri announced that the federal territory of Labuan will move into Phase 4 of the National Recovery Plan from Thursday.
  • Malaysian CPI comes out today, with the latest trade data due Friday.
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