USD/MYR still seen within 4.2100-4.2400 – UOB

USD/MYR is expected to keep the trade between 4.2100 and 4.2400, noted Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“In our update from last Monday (26 Jul, spot at 4.2230), we held the view that USD/MYR ‘could advance above 4.2400 but a sustained rise above this level is unlikely’. Our expectation did not materialize as USD/MYR traded between 4.2180 and 4.2380. Upward pressure has eased and the current movement is viewed as part of a consolidation phase.”

“In other words, USD/MYR is likely to trade sideways for this week, expected to be between 4.2100 and 4.2400. Looking ahead, as long as 4.1990 is not breached, USD/MYR could still move above the major resistance at 4.2400.”