The US Dollar appreciated +0.53% against the Ringgit this Wednesday and is now trading at 4.7148. The upward movement is in line with the release of the US Retail Sales data, which came in higher than expected (0.6% actual versus 0.4% forecast). US Core Retail Sales also came in higher than expected (0.4% actual versus 0.2% forecast). This indicator measures the change in the total value of sales at the retail level and is one of the main indicators used to understand consumer spending, which accounts for the majority of overall economic activity. Higher-than-expected readings tend to favour the dollar because if families are spending more money at a retail level, this can cause inflation in the coming months, which can cause the Federal Reserve (FED) to raise interest rates to control inflation. From a technical point of view, USDMYR is in an important resistance region on the daily chart. If the price manages to break above the 4.7250 level, it could rise to the 4.7850 region in a few days. On the other hand, if it breaks below 4.6880, it could fall as low as 4.6450 over the next few weeks.
USDMYR Technical Analysis
