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Virus Situation Assessed


Onshore ringgit holds up well as trading resumed in Kuala Lumpur, in the wake of the greenback's retreat last Friday. Spot USD/MYR last trades at MYR4.1820, 97 pips lower on the day.

  • Bears look for a fall through Jul 6 low of MYR4.1480, which would clear the way to Jun 25 low of MYR4.1423. Bulls would be pleased by a rebound above Jul 9 cycle high of MYR4.1925, towards Aug 11, 2020 high of MYR4.2065.
  • Malaysia saw another record-breaking increase in Covid-19 cases on Saturday, when 9,353 people were deemed infected. The Ministry of Health warned that hospitals in the Klang Valley are becoming overcrowded.
  • But there is a silver lining. Director-General of Health Noor Hisham said that daily Covid-19 cases are expected to stabilise and fall in the coming weeks, while vaccine czar Khairy said that Malaysia's vaccination rate is faster than that of the UK at its peak.
  • Malaysia's industrial output will be released today. Bloomberg median forecast sees an annual growth of 23.9%.

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