USDMYR Technical Analysis

The Dollar rose against the Ringgit on Friday and is now trading at 4.4420. The recent upward movement is due to the release of producer price index data that measures inflation through a business perspective. The PPI came in much higher than expected, reinforcing the idea of inflation in the United States. This leads investors to think that the Fed will have to act even more severely to contain US inflation. Initial unemployment claims data also came in worse than expected. From a technical point of view, USDMYR is at the highest price since the beginning of the pandemic. A breakout above 4.4500 could make room for higher on USDMYR.