Macroeconomic news coming from the US showed some mixed results, causing the USDMYR to gain some ground in the first hours of this Thursday, just to give it back a little before the market closed. The ISM Manufacturing PMI for June brought a lower-than-expected number (actual 60.6 against a forecast of 61). As the PMI remains above 50, it is still bullish, but recently it has been showing some decreasing readings, something to worry if the next readings keep falling. Another macroeconomic indicator released on Thursday was the Initial Jobless Claims and this number came below expected, which is usually good for the Dollar. The USDMYR ended the session at 4.1565 and investors will pay attention to the Non-Farm Payroll and the Unemployment Rate, both scheduled later today. A lower-than-expected Unemployment rate could make the Dollar break the 4.1650 level and go for the 4.2200 in some weeks.
The US Dollar has been gaining ground against the Thai Baht in the last few days and this Thursday the up movement has increased due to the news coming for the dollar. As the price broke above the 31.80, there is no resistance nearby and the price could keep going up to the 32.50 and 33.15 levels. The most important macroeconomic indicators for the dollar will be released today, the Non-Farm Payroll and the Unemployment Rate. As this is the first Friday of the semester, a bigger volatility could hit the market. If the Unemployment Rate comes lower than expected, the USDTHB is likely to keep its move up. On the other hand, if the Unemployment rate comes higher than expected, it will push the dollar down and the USDTHB could reach the 31.50 level in a matter of days.
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© 2019 High Leverage FX - All Rights Reserved.