The US Dollar rises +0.1% against the Ringgit this Tuesday and is now trading at 4.7675. Despite the small increase, the main market sentiment is one of rejection of the selling force, as the price rose to 4.7754 at the beginning of the session, only to fall again throughout the day. The downward movement was driven by the release of US CB Consumer Confidence data, which came in lower than expected (97 actual against 104 forecast). As this indicator measures the level of consumer confidence in economic activity, therefore readings below expectations (like today’s) tend to devalue the USD in the short term. From a technical perspective, USDMYR is sideways just below a key resistance region on the daily chart and a break above 4.8000 could open up space for the price to reach 5.0000 in the coming months. A downward movement will only be confirmed if the price manages to break below 4.7200 in the coming days.
USDMYR Technical Analysis
