USDMYR Technical Analysis

The US Dollar fell against the Ringgit on Wednesday after the announcement that part of the Russian troops retreated from the border with Ukraine and is now trading at 4.1845. The news was welcomed around the world and global markets gained strength as part of the Russian army moved away from the border. This also caused a certain devaluation of the USD against its counterparts. From a technical point of view, the USDMYR is sitting on an important support region at 4.1830, whose breakout to the downside could pave the way for it to fall to the 4.1400 level. On the other hand, the Producer Price Index data, which measures inflation through the producer’s perspective, came in higher than expected 1,0% real against 0.5% forecast) and if the USDMYR manages to break above 4.1930 it could rise to 4.2130 and 4, 2450 successively.