USD/MYR Pops Higher After Malaysian Long Weekend, Panel To Decide Extending MCO

Spot USD/MYR popped higher at the re-open, but its initial move was fairly limited given that Malaysian markets were closed for a public holiday on Monday. The rate last sits +100 pips at MYR4.0500 in the wake of the greenback's rally at the start to the week.

• A nationwide survey conducted by Emir Research, a think tank led by a prominent BERSATU member, pointed to a drop in public approval for PM Muhyiddin's government. The proportion of respondents who saw the government as viable dipped to 35% from 43%, with 19% (up from 9%) opining to the contrary.
• Bulls would be pleased by a clearance of the 50-DMA, intersecting at MYR4.0533, which would shift focus to Jan 12 high of MYR4.0760. Conversely, a fall through Jan 21/29 lows of MYR4.0290/85 would expose Jan 4 cycle low of MYR3.9957.
• Defence Min Ismail Sabri Yaakob said that PM Muhyiddin chairs a meeting today to decide on the extension of the Movement Control Order (MCO).
• Nothing much left on the local docket this week, with monthly industrial output & Q4 GDP report providing the main points of note on next week's calendar.