The US Dollar fell -0.45% against the Ringgit this Wednesday and is now trading at 4.6495. The downward movement comes after the release of data from the U.S. Crude Oil Inventories, which came in much higher than expected (1.609M actual vs -0.933M forecast). This indicator measures the weekly change in the number of barrels of commercial crude oil held by US firms. Because oil is widely used in transportation, higher-than-expected readings mean that less oil was used during the previous week and that demand for goods, products and services is probably weaker than expected. In general, this tends to weaken the USD. From a technical point of view, USDMYR is trying to break out of a support region on the daily chart and the price could fall to the 4.5750 region in a few days.
USDMYR Technical Analysis
