USD/MYR looks consolidative in the 4.1200-4.1470 range – UOB

Further consolidation is forecast in USD/MYR for the time being, likely between 4.1200 and 4.1470, according to Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“Our expectation for USD/MYR to strengthen last week did not materialize as it traded in a quiet manner between 4.1295 and 4.1460.”

“Momentum indicators are mostly neutral, and USD/MYR could continue to consolidate for this week, likely between 4.1200 and 4.1470.”

“Looking ahead, the downside risk appears to be greater even though any weakness is expected to encounter solid support at the rising trend-line (currently at 4.1050).”