USDMYR Technical Analysis

The US dollar is up +0.02% against the Ringgit on Wednesday and is now trading at 4.6500. The small upward movement reflects the indecision that was in the market throughout the trading session. The most important news of the day was the FOMC Meeting Minutes, which brought a more hawkish tone than expected. The minutes brought the message that almost all FOMC members see the need for higher interest rate hikes throughout 2023. After the release of the minutes, many experts started talking about a possible interest rate hike for the USD at the next meeting, which will take place on the 26th of July. This has the potential for USDMYR to resume bullish movement over the next few days. From a technical point of view, USDMYR would need to break the 4.6900 region for a bullish move to be confirmed.