USD/MYR Swings To Loss On Weekly Basis, Emergency Faces Mounting Criticism

USD/MYR slipped into Thursday's close and resumed losses as onshore ringgit trade re-opened today. The pair has shed 35 pips this morning and last sits at MYR4.0330. Continued sell-off has allowed the rate to swing into a loss on a weekly basis.

• Representatives of the hairdressing, wellness and optical industries have urged the gov't to relax restrictions on their operations, as local businesses have started to sound alarm about the economic fallout of lockdown measures.
• The declaration of emergency faces continued political criticism, with opposition leader Anwar Ibrahim calling upon MPs to appeal to the King to revoke the decision.
• Malaysian Science Min Khairy sought to downplay concerns over the of Covid-19 vaccination programme in Malaysia, noting that the country isn't a laggard in securing the jabs. The first batch of vaccines will arrive in Malaysia by the end of Feb and the gov't will aim at inoculating healthcare workers, the elderly and those with chronic diseases in the first place.
• Bears look for a dip through Jan 8 low of MYR4.0285 before targeting Jan 4 low of MYR3.9957, a key near-term support. Bulls need a clearance of Jan 13 high of MYR4.0505 before taking aim at the 50-DMA, which intersects at MYR4.0682.
• Focus already moves to the upcoming monetary policy decision from BNM, due next Wednesday. Two days later, Malaysia reports its CPI data for the month of Dec.