USD/MYR Technical Analysis

The US Dollar moved little against the Ringgit on Tuesday and is now trading at 4.4060. The lateralization movement takes place due to the US Independence holiday, celebrated on July 4th. This week could see significant market volatility due to the release of ADP Non-Farm Employment data on Wednesday and Non-Farm Payrolls scheduled for Friday. The US employment data is important because it can give a good direction regarding the next steps of the monetary policy adopted by the Fed. The most recent reading showed the US unemployment rate to be 3.6%, a number in line with pre-pandemic reality. Now the challenge for the Fed remains to control the highest inflation of the last 40 years.