The US dollar dropped -0.26% against the Ringgit on Wednesday and is now trading at 4.5680. The downward movement came after USDMYR touched a key resistance region on the daily chart at 4.5800. This level was the breakout point of the bullish trend line that had been in effect since February of this year. The downward movement will be confirmed if the price manages to break below the 4.5550 region over the next few days. If that happens, USDMYR could drop as low as the 4.5050 region. From a macroeconomic point of view, today’s movement was considered small, especially due to a weak economic agenda. Most investors may be waiting for the release of US inflation data, which should be released tomorrow with the Consumer Price Index (CPI), which measures the change in the price of goods and services from the perspective of the consumer. If the CPI reading comes in lower than expected, it could accentuate the downward movement in USDMYR.
