USD/MYR faces further consolidation near term – UOB

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USD/MYR now seems to have moved into a 4.4100-4.4700 range, according to Markets Strategist at UOB Group Quek Ser Leang.

Key Quotes

“While we expected USD/MYR to weaken last week, we were of the view that ‘the next support at 4.4300 is unlikely to come under challenge’.”

“However, USD/MYR weakened more than expected as it plummeted to a low of 4.4080 and then rebounded to end the week at 4.4260. The rebound in oversold conditions suggests that USD/MYR is unlikely to weaken further. This week, USD/MYR is more likely to trade in a range, expected to be between 4.4100 and 4.4700.”