USD/MYR could grind lower in the near term, although it is unlikely to challenge the 4.4300 region, according to Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“USD/MYR traded within a relatively quiet manner between 4.4450 and 4.4590 last week. Despite the quiet price actions, the underlying tone has softened somewhat.”

“For this week, USD/MYR could drift lower but is unlikely to threaten the rising trend-line support at 4.4300. On the upside, the high of 4.4590 is a strong resistance now.”