The US Dollar remains somewhat undecided against the Ringgit this Tuesday and is now trading at 4.2300. After the broad bullish movement that started on November 1st, the US Dollar appears to be finding it difficult to break through the resistance region near 4.2400. The FED President Jerome Powell’s speech brought the information that the tapering process can be accelerated so that the withdrawal of financial stimulus ends sooner than expected. Some financial market analysts are also already pricing a possible rise of 0.75% in the interest rate for the US Dollar as early as 2022.
Macroeconomic information could strengthen the Dollar over the next few months. From a technical point of view, if the USDMYR manages to break above 4.2400, it could rise to 4.2900 in a few days.
