The US Dollar was lower against the Ringgit on Wednesday and is now trading at 4.4480. The downward movement shows the beginning of a possible weakening of the Dollar, which happens against all currencies. Despite US inflation being the highest in 40 years, some analysts are already starting to predict that the FED could slow the pace of interest rate hikes through 2023. The US Building Permits data brought a higher reading than the expected (1,685M real against 1,650M forecast). From a technical point of view, USDMYR is in the most important resistance region on the daily chart. Considering the slope of the bullish movement since January, it is possible that the USDMYR will start a bearish movement over the next few days. If the price manages to break below 4.4350, it can drop to 4.3460 in a few weeks.
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© 2019 High Leverage FX - All Rights Reserved.