Further upside is likely to prompt USD/MYR to revisit the 4.4615 level in the short-term, according to FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“Our view for USD/MYR to edge higher last week was incorrect as it dropped sharply to 4.4310 before rebounding. USD/MYR traded on a firm note during early Asian hours today and the improved shorter-term upward momentum could lead to a retest of last week’s high at 4.4615.”

“At this stage, a sustained advance above this level appears unlikely. On the downside, support is at 4.4400 ahead of the 4.4310 low. The low is unlikely to come under threat this week.”