Today the US Dollar made a major downward move, losing -0.64% of its value against the Ringgit and it is now trading in a support region on the daily chart at 4.5180. The downward movement comes amid the release of various economic data by the US. The US Core Durable Goods Orders data came in slightly higher than expected (0.6% actual versus 0% forecast), but as the difference between expected and actual wasn’t that big, that wasn’t enough to pull the dollar up. Another important data released today was the GDP for Q2, which came in above expectations (2.4% real against 1.8% forecast). While this is potentially positive for the USD, the price did the opposite of what was expected, as at the beginning of July the USDMYR was up almost 17% since January 2021. From a technical point of view, if the USDMYR manages to break down from 4.5000, it could drop as low as 4.3900 in a few days.
