USD/MYR Technical Analysis

The US Dollar spiked up against the Ringgit this Wednesday and is now trading at 4.2090. Data from the FOMC Meeting Minutes provided important information about the future of the Dollar. Some participants said they would prefer a faster pace than the $15 billion a month currently adopted, when it comes to withdrawing the financial stimulus. This statement leaves room for the tapering process to be sped up over the course of upcoming Fed meetings, which can cause tapering to end sooner than expected. Still, this faster step in withdrawing financial stimulus does not mean that the Fed intends to raise interest rates anytime soon. From a technical point of view, the next points of interest for the USDMYR are 4.2170 and 4.2400, where it may encounter some temporary resistance.