The US Dollar dropped slightly against the Ringgit on Thursday and is now trading at 4.4840. The move takes place after the release of the US Pending Home Sales, which delivered a better-than-expected reading, but is still in negative territory (-1.0% actual versus -4.0% forecast). This indicator shows the variation in the number of houses that are under contract to be sold, but that are still waiting for the transaction to be completed. The recent readings for this indicator have been below zero since November 2021, signalling a slowdown in US real estate business. From a technical standpoint, the bearish move signals a possible bearish retracement as the USDMYR is in an all-time high region. A downside breaks of 4.4730 could make room for a drop to 4.4570 and 4.4050 respectively.
