USDMYR Technical Analysis

The US Dollar is showing some indecision against the Ringgit on Thursday and is now trading at 4.3950. The movement of indecision is due to a weak macroeconomic agenda and the main driver continues to be the expectation regarding the next steps of the Federal Reserve (FED) regarding the monetary policy to be adopted for the Dollar over the coming months. Investors are also awaiting the release of the US Initial Jobless Claims data, which may provide an insight into the US job market. Another important economic data to be released on Friday is the Producer Price Index (PPI) for the US, which measures the variation in the price of goods and services consumed by companies to produce their products. The PPI measures inflation from the perspective of the producer and is one of the most important macroeconomic indicators when it comes to understanding inflation as a whole in the US. From a technical point of view, the USDMYR is still with the technical indicator reading Relative Strength Index (RSI) below 30, which suggests an oversold situation. A bullish move could start over the next few days.