USD/MYR faces extra consolidation – UOB

USD/MYR remains side-lined and is seen trading within the 4.3900-4.4100 range for the time being, according to Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“We highlighted last Monday (20 Jun, spot at 4.4000) that ‘momentum is weakening and a break of 4.3870 could lead to a deeper pullback to 4.3800’. Our expectations did not materialize as USD/MYR traded sideways for the whole week and within a narrow range of 4.3950/4.4055.”

“Shorter-term momentum indicators are neutral and USD/MYR could continue to trade sideways this week, likely between 4.3900 and 4.4100.”