The US Dollar is up 0.21% against the Ringgit on Tuesday and is now trading at 4.2290. Despite the rise, Monday was a day with a weak economic agenda. The tension in Europe over the war in Ukraine is the main driver of the market for the moment. Earlier Russia warned that Finland and Sweden joining NATO would not bring stability to Europe. From a technical point of view, USDMYR is approaching an important resistance region at 4.2300, a round number. A break above this level could make room for the USDMYR to rally to 4.2450, the most important resistance region in recent months. The upward movement can also be explained by the market’s anticipation of a possible rise in the USD interest rate, as the Fed has already achieved its objective of promoting full employment in the US.
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© 2019 High Leverage FX - All Rights Reserved.