The US dollar rose just +0.02% against the Ringgit this Thursday and is now trading at 4.7160. USDMYR rose a bit at the beginning of the trading session only to fall again to trade close to the opening price. The main sentiment is indecision due to mixed data coming from the US. The Philadelphia Fed Manufacturing Index data for January came in lower than expected (-10.6 real against -7 forecast). Lower than expected readings tend to be negative for the USD. The Crude Oil Inventories data came in well below expectations (-2.492M real against -0.313M forecast) and lower-than-expected readings (like today’s) tend to be positive for the USD. Due to contradictory data (one economic indicator favouring the USD while another indicator disfavouring it), the USDMYR remains undecided. From a technical point of view, USDMYR is at an important resistance region on the daily chart and if the price manages to break below the 4.6880 level, it could fall towards the 4.6250 region over the next few days.
USDMYR Technical Analysis
