The US Dollar is down -0.19% against the Ringgit on Tuesday and is now trading at 4.6430. The downward movement is due to the release of Consumer Confidence data in the US, which came in lower than expected (106.1 real against 116 forecast). As this indicator measures the level of consumer confidence in economic activity, it is a good way to predict the impact that household consumption will have on US GDP. As some specialists are already pointing to a possible scenario of higher inflation in the US, if Consumer Confidence falls, the scenario will be of possible devaluation of the USD in the short to medium term. From a technical point of view USDMYR has been in a sideways situation for the last few days and a clearer direction will appear only if the price manages to break above 4.6550 or below 4.6370. Investors should pay attention to the release of the ADP Nonfarm Employment Change data to be released tomorrow, as this indicator could provide important information regarding the situation in the US job market.
