USD/MYR Tests Water Below MYR4.1200

Spot USD/MYR has shed 37 pips so far and last trades at MYR4.1198, with initial selling pressure coming from overnight greenback sales.

• Malaysian Trade Min Azmin said that a paper on the new investment policy will be tabled to the cabinet today. The new policy was designed to attract more foreign investment and is expected to be swiftly adopted.
• The Trade Min also hailed a $1bn in investment committed by Microsoft over five years. The news were announced by PM Muhyiddin, who said that the company pledged to skill 1mn Malaysians by Dec 2023, while the whole project could generate $6.9bn in revenue from the cloud ecosystem.
• Malaysia launched the second phase of its Covid-19 Immunisation Programme. Science Min & vaccine tsar Khairy said that the third phase will kick off once the nation has enough jabs, with more vaccine supplies expected in Jun.
• Defence Min Ismail Sabri publicly brushed away suggestions that the Health Ministry has manipulated Covid-19 figures.
• The rate has broken below support from MYR4.1220, which limited losses on Apr 7. Bears now look for a sell-off past Mar 18 low of MYR4.1020. Bulls look for a jump above Apr 9 high of MYR4.1454, which would draw attention to Mar 31 cycle high of MYR4.1590.
• Bank Negara Malaysia will publish foreign reserves data on Thursday, with CPI report coming up Friday.