The US dollar fell just -0.04% against the Ringgit this Thursday and is now trading at 4.6840. The Producer Price Index (PPI) data came in higher than expected (0.6% current versus 0.3% forecast). The PPI measures the change in the price of goods sold by manufacturers and higher-than-expected readings (like today’s) tend to be positive for USD. The Initial Jobless Claims data came in lower than expected (209k actual against 218k forecast) and this tends to be good for the USD. This news could cause the USD to rise against the Ringgit at market open on Friday. From a technical point of view, the price has just touched the 200-period Moving Average, which can act as a support region. As yesterday’s candle managed to break above the high of Tuesday’s candle, this characterizes it as an engulfing pattern, which could cause the USDMYR to rise to the 4.7150 region over the next few days.
USDMYR Technical Analysis
