The US Dollar rises +0.16% against the Ringgit, mainly driven by the release of Initial Jobless Claims data, which came in lower than expected (218k actual vs 220k forecast). As this indicator measures the number of people who requested unemployment insurance in the previous week, lower-than-expected readings tend to be positive for the USD as it means less people lost their job during last week. Another macroeconomic indicator that helped the USD today was the Pending Home Sales for the month of October, which came in better than expected (-1.5% actual vs -2% forecast). As this indicator measures the change in the number of homes under contract to be sold but still awaiting the closing transaction, it is therefore a good way to understand how the US real estate market is doing. Higher than expected readings tend to be inflationary and favourable for the USD. From a technical point of view, USDMYR is in an important support region on the daily chart and if the price manages to break below 4.6350 it could fall to 4.5750 in a few days.
USDMYR Technical Analysis
