USDMYR Technical Analysis

The US Dollar gained some ground against Ringgit this Friday and is now trading at 4.2000. On the political situation, the king accepted the ministerial list appointed by the PM, Ismail Sabri. This brings some encouragement to the Malaysian political situation since the previous PM resigned. Malaysia also hit a new high for Covid-19 infections on Thursday, adding 24,599 cases and this may have been the main cause of the MYR devaluation. An important macroeconomic event coming from the US was the Initial Jobless Claims, which came a little higher than expected (353k real against 350k forecast). From a technical point of view, the USDMYR may continue to fall towards 4.1750, where it is likely to find a strong level of support.