Tight Start For Ringgit, Palm Oil Futures Print Cycle High

Spot USD/MYR rangebound this morning, last sits -15 pips at MYR4.1182, holding yesterday's range. A clearance of Apr 16 high of MYR4.1318 would turn bullish focus to Apr 9 high of MYR4.1454. On the flip side, should Apr 20 low of MYR4.1128 give way, bears could target MYR4.1020, which represents the low print of Mar 18.

• Malaysia granted reprieve to foreigners just ahead of today's deadline for those whose visas had expired to leave the country. The Foreign Ministry said that visitors with expired social visit passes may apply for extension, which will allow them to stay as they await their flights home.
• Malaysia kicked off its first sustainability Sukuk deal. A BBG source noted that the nation started marketing dollar-denominated sustainable 10-Year Islamic finance securities.
• The gov't approved amendments to the National Trust Fund Act, which will allow funds to be used to pay for Covid-19 vaccines and related expenses.
• Palm oil futures extended their rally Wednesday, showing at levels not seen sine 2008.
• Bank Negara Malaysia will publish the bi-weekly update on foreign reserves today. Looking further afield, CPI data come out on Friday.