The US Dollar was up +0.49% against the Ringgit on Thursday and is now trading at 4.6500, marking a possible breakout of the previous resistance region on the daily chart at 4.6350. The movement is due to the release of data from the U.S. Philadelphia Fed Manufacturing Index, which brought a reading much higher than expected (+12 real against -10 forecast). This indicator rates the relative level of general business conditions in Philadelphia, and this is the first time since September 2022 that it brought a reading above 0, indicating a possible improvement in US business conditions. From a technical point of view, as USDMYR has initiated the break above 4.6350, it is possible that it will move up to 4.6850 over the next few days. On the other hand, if the price trades back below 4.6350, USDMYR could drop as low as 4.5750 to test a former support zone.
