The US Dollar gained a lot of strength against the Ringgit on Friday and is now trading at 4.1990. The bullish movement is due to the feeling of uncertainty due to the Russian invasion of Ukraine. This caused investors to flee risky assets like stocks and start buying safe-haven assets like USD and gold. The igniting move of buying force in the USD comes just days before the next FOMC meeting on March 16, which is expected to raise the interest rate for the USD. These elements have the power to appreciate the Dollar even more in the coming days. From a technical point of view, as the USDMYR managed to break above 4.1950, today’s bullish move can be considered as a true breakout, and this could take the USDMYR up to 4.2450 in a few days.
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© 2019 High Leverage FX - All Rights Reserved.