The US Dollar rose +0.54% against the Ringgit this Wednesday and is now trading at 4.6750. The upward movement comes after the release of Initial Jobless Claims data for the USD, which came in lower than expected (209k current vs 225k forecast). This indicator measures the number of people who requested unemployment insurance in the previous week and helps investors understand what the job market is like in the US. Lower than expected readings mean that unemployment is under control and this tends to be positive for the dollar. Another indicator that was on the radar today is the release of Core Durable Goods Orders for the month of October, whose reading was slightly below expectations (0% actual vs 0.1% forecast). Lower than expected readings tend to be negative for the USD, but as the difference was so little, investors ended up paying more attention to the Initial Jobless Claims report and that’s why the USD appreciated against the MYR today. From a technical point of view, USDMYR could rise towards the 4.7150 region, where it should encounter an important resistance region on the daily chart.
USD/MYR Technical Analysis
