Free Trial

UMNO Issues Ultimatum To Reopen Parliament Within Two Weeks

MYR

Spot USD/MYR has shed 45 pips so far and last changes hands at MYR4.1420, after catching up with the greenback's retreat seen after onshore Thai markets closed on Monday.

  • Bears need a dip through the 50-DMA at MYR4.1239, which would shift focus to Jun 11 low/200-DMA at MYR4.1070/46. Conversely, bulls look to take out Jun 21 high of MYR4.1530, before targeting Mar 31 high of MYR4.1590.
  • PM Muhyiddin's powerful coalition partner UMNO called for reopening the parliament within 14 days, with UMNO leader Zahid warning that a failure to act would be tantamount to treason. Tensions between Muhyiddin's Bersatu and UMNO have been simmering for months, with the gov't's survival hinging on their continued cooperation.
  • Director-General of Health noted that almost 70% of Covid-19 cases recorded in Malaysia this year are sporadic cases, which can't be traced back to existing clusters, and flagged a "worrying" rise in sporadic cases in the Klang Valley.
  • Federal Territories Min Musa said the gov't considers granting assessment rebates to ratepayers in selected territories. He noted that "the matter is being looked into but in any case, I have already given my approval".
  • BNM will release foreign reserves data later today, while monthly CPI data will hit the wires on Friday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.