The US Dollar was up +0.27% against the Ringgit on Wednesday and is now trading at 4.4550, the highest price since March 23rd. The upward movement was caused by the release of Core Durable Goods Orders data, which came in much higher than expected at +0.3% (the forecast was -0.2%). As the Core Durable Goods Orders indicator measures the change in the total value of new orders for long lasting manufactured goods, excluding transportation items, so a higher-than-expected reading shows that the US economy is stronger than previously expected. If the economy goes well, then it could cause an inflationary scenario and the Federal Reserve (FED) could raise interest rates to control inflation. Higher interest rates usually mean the currency will rise as well. From a technical point of view, USDMYR has just broken above the 4.4350 flat and could move up to 4.4700 in the coming days where it should find temporary resistance.
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© 2019 High Leverage FX - All Rights Reserved.