The US Dollar is down -0.23% against the Ringgit on Wednesday and is now trading at 4.6325. The downward movement is due to the release of ADP Nonfarm Employment Change data for the month of August, which came in well below expectations (177k real against 195k forecast). As this indicator measures job creation in the private sector, lower-than-expected readings tend to be negative for the USD. Another element that favours the devaluation of the Dollar this Wednesday is the GDP data for Q2, which also came in below expectations (2.1% real against 2.4% forecast). From a technical point of view, as USDMYR managed to break below the 4.6350 region, it is possible that there will be a continuation of the downtrend to the 4.5750 area in the coming days. Still, traders should pay attention to the release of Nonfarm Payroll data on Friday, which will give a better picture of the US employment situation.
