The US Dollar falls -0.28% against the Ringgit this Tuesday and is now trading at 4.6790. The downward movement takes place within an important lateralization on the daily chart, marked by the high at 4.7050 and by the low at 4.6450. The market should take a clear direction only when it manages to break beyond one of these levels. Malaysia’s Trade Balance data came in a little lower than expected (12.4B actual vs 17.4B forecast) and normally this would be negative for the Ringgit. However, the Building Permits data for the US came lower than expected (1,460M actual vs 1,470M forecast) and this caused the USD to fall against the Ringgit today. Investors should pay attention to the release of US Consumer Confidence data for the month of December. This indicator measures household consumption trends and is important for understanding how inflation may develop in the coming months. If inflation increases, it may force the Federal Reserve (FED) to adopt a more hawkish stance and that could favour the Dollar in the long term.
USDMYR Technical Analysis
