The US dollar rose +0.33% against the Ringgit at the beginning of Thursday’s session and then dropped again throughout the day. At the moment the USDMYR is oscillating with a gain of +0.1% at around 4.6240. This sentiment of indecision in the market is caused by weak macroeconomic data. Core Retail Sales data for the month of May was in line with expectations (0.1%), which was not enough to provide a clear direction for the market. The Initial Jobless Claims data came in slightly higher than expected (262k real against 250k forecast) and was responsible for the downward movement at the end of the trading day. The Retail Sales data came in a little higher than expected (+0.3% actual against -0.1% forecast) and that’s what makes the USDMYR still operating in positive territory on the day with a gain of +0,1%. From a technical point of view, if USDMYR manages to break below 4.6100, it could drop as low as 4.5750 and 4.5250 in a few days.
