The US Dollar has been sideways against Ringgit for the past few days and is now trading at 4.1775. After the PM’s announcement of the 12th Malaysian Plan, the MYR was stronger, with the feeling of optimism regarding the economic recovery in Malaysia. Information from the ADP Non-Farm Employment Change, to be released later, may provide clearer direction from a dollar perspective. From a technical point of view, the USDMYR could drop as low as 4.1450 in the next few days, where it is likely to find some temporary support. Still, any major moves should be confirmed by the Non-Farm Payroll data due on Friday.
The US Dollar has been sideways against the Singapore Dollar for the past few days and is now trading at 1.3575. The sentiment of indecision has dominated the market awaiting the ADP Nonfarm Employment Change data, to be released later for the US Dollar. Still, the most important data will be released on Friday with the Non-Farm Payroll, where job creation may give a better clue on how the economic recovery is heading in the US. With the announcement of the start of the tapering process, scheduled for November, the market has been hesitating to take a clear direction. From a technical standpoint, the USDSGD appears to be in an oversold region and a bullish movement could start at any time. If the price breaks above 1.3600, it could rise to 1.3900 in a few days.
