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 Positive expectations of the Budget 2015 have
pressed the USD/MYR to sub-3.24-figure from the recent high of 3.2870.
Our house view for the Budget is largely
positive as well with expectations of additional fiscal discipline
measures.
Nonetheless, expect little fireworks and only
more details of what has been flagged in Budget 2014. On average (past 6 years), the USD/MYR has
rebounded back up by around 0.6% from the level at budget day, after 10
days. As such, MYR buys into the budget is still vulnerable to external
headwinds.
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