The US Dollar was down -0.29% against the Ringgit on Wednesday and is now trading at 4.5470. The downward movement happened as a normal reaction of the market that was waiting for the decision on the interest rate for the USD. The experts’ expectation was that the Federal Reserve (FED) would raise the interest rate to 5.5% and that is exactly what happened. As a reaction to this, USDMYR is likely to rise in tomorrow’s trading session. An upward movement could take the USDMYR to the 4.5700 region. Despite the interest rate news being potentially positive for the USD, the USDMYR could range between the support at 4.52 and 4.5750 over the next few days. A clearer direction on USDMYR will appear only when the price manages to break above 4.5750 or below 4.5200.
