The US Dollar rose +0.76% against the Ringgit this Tuesday and is now trading at 4.6680. The recent upward movement comes as a natural market reaction after the 3.41% drop since October 23rd, when the price reached its highest price ever at 4.7925. From a macroeconomic point of view, the USD appreciates due to the release of Federal Reserve Bank of Atlanta data that showed a GDP growth forecast of 2.1% for Q4 2023. Although this indicator is only a GDP forecast, the data suggests that the US economy is doing better than previously imagined and that there is currently no economic contraction in sight. From a technical point of view, the upward movement in USDMYR could climb towards the 4.7100 region where it should encounter an important resistance region on the daily chart. After that, it is possible that USDMYR will resume its downward movement, which could take the price to 4.5650 in a few days. Investors should pay attention to the speech by the president of the Federal Reserve (FED), Mr. Jerome Powell, which should take place on Wednesday and Thursday.
USD/MYR Technical Analysis
