The USDMYR has been sideways since last week when the market became more concerned about US inflation and the consequences it will bring to the dollar in the long term. Earlier this year The FED said that it will not touch the interest rate for the dollar until September 2023, but the market seems to believe less and less in this statement and an earlier than expected increase in the interest rate seems to be unavoidable to cool down the economy and avoid inflation to get out of control. The MYR can continue to stumble against its major counterparts as the Covid-19 death toll reached the highest number on Saturday, with 44 new deaths. The restrictions imposed by the government and a slow vaccination rollout are also a threat to the local economy in the short term. This Monday lacks important macroeconomic events, and this could extend the sideways consolidation. From a technical point of view, if the price breaks above 4.1300, it could fluctuate until 4.1500.
