USD/MYR is now predicted to remain side-lined between 4.5200 and 4.6400 in the near term, according to Markets Strategist at UOB Group Quek Ser Leang.

Key Quotes

“We highlighted last Monday (14 Nov, spot at 4.5840) that the uptrend in USD/MYR has ended. We added, ‘the pullback has room t extend but a sustained decline below 4.5500 is unlikely’. The anticipated weakness exceeded our expectations as USD/MYR plummeted to 4.4950 before rebounding. The rebound amid oversold conditions suggests USD/MYR is unlikely to weaken further.”

“This week, USD/MYR is more likely to trade sideways between 4.5150 and 4.6400.”