USD/MYR Catches Early Bid

USD/MYR picked up a bid early on, catching up with yesterday's greenback strength. The rate is hitting two-week highs at typing, last trades +160 pips at MYR4.0560. A break above Feb 10 high of MYR4.0680 would allow bulls to set their sights on Feb 5 high of MYR4.0767. Bears look for a pullback under the 50-DMA at MYR4.0436, which has helped limit gains recently. Below there opens Feb 16 low of MYR4.0260.

• Bernama reported that Malaysia will receive Sinovac Covid-19 vaccine on Saturday, while regulatory approval needed for launching the roll-out is expected in early Mar.
• Malaysia's daily tally of new Covid-19 cases fell to the lowest level since Jan 4 yesterday, the nation declared 1,924 infections.
• Defence Min & UMNO Vice-Pres Ismail Sabri urged Malays to unite ahead of a general election, which "is just around the corner." He called for bridging divisions within UMNO as well as beteen UMNO and its coalition partners.
• Malaysia's Dept of Statistics will release trade data for January later today.
• Next week, focus turns to Monday's Markit M'fing PMI and Thursday's BNM MonPol decision.