USDMYR Technical Analysis

On a weak economic day, the US Dollar dropped 0.24% against the Ringgit and is now trading at 4.3250. Investors seem to be waiting for the release of various economic data that could move the market tomorrow. Among the most important data to be released later is Retail Sales for the US. Retail sales measures how households are spending in the economy, which represents 2/3 of GDP. The Consumer Price Index (CPI) will bring information about inflation in the UK and in the European Union. The interest rate decision for the JPY could also have a strong impact on the market. With so much economic data to be released in the next few hours, it is natural for the market to behave more quietly, as many investors need this data to guide their investment decisions. If the data comes in line with expectations, USDMYR may continue its downward movement towards 4.2450, where it may find temporary support.