After 11 days of consecutive highs, the US Dollar fell earlier this Friday against the Ringgit and is now trading at 4.2215. This down movement was already expected by the market, as it is natural that investors want to take profits after very directional movements. There is also the fact that the USDMYR touched a major resistance around 4.2400, which added selling pressure to the movement. The most important macroeconomic element this Thursday was the Initial Jobless Claims, which measures the number of people who applied for unemployment insurance during the previous week. The market was expecting this number to come in at 350k, but the real was 419k, much higher than expected. This caused the US Dollar to lose ground against the Ringgit and its counterparts. From a technical point of view, the USDMYR could fall to the 4.1700 level, where it could find some buying pressure and possibly resume the previous uptrend.
