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(Z1) Shallow Bounce

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Still Looking For Weakness

MYR

Spot USD/MYR has crossed above its 200-DMA (MYR4.1322) this morning, as it played catch up with overnight greenback strength and more than erased Wednesday's gains. The rate last changes hands at MYR4.1330, 15 pips better off on the day.

  • Palm oil futures rallied to two-week highs in Malaysia on Wednesday, as traders anticipated better demand over the Ramadan period.
  • Malaysia's vaccine tsar Khairy suggested that the next general election could be held before Malaysia achieves herd immunity against Covid-19.
  • Khairy added that Malaysian authorities will wait for the opinion of the European Medicines Agency on the AstraZeneca jab, before deciding whether to use the vaccine.
  • Further gains past Wednesday's high of MYR4.1395 would draw attention to MYR4.1590, which capped gains on Mar 31. Bears would be pleased by a fall through Wednesday's low of MYR4.1220, which would clear the way to Mar 18 low of MYR4.1020.
  • Malaysian industrial output comes out tomorrow.

Fig. 1: Crude Palm Oil Futures (MYR/MT)

Source: MNI - Market News/Bloomberg