USD/MYR is still expected to navigate within the 4.1700-4.2000 range for the time being, suggested Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“USD/MYR traded between 4.1800 and 4.1940 last week, narrower than our expected consolidation range of 4.1680/4.2060. Momentum indicators are mostly neutral and USD/MYR could continue to consolidate this week, expected to be within a range of 4.1700/4.2000.”

“Looking ahead, the risk of USD/MYR breaking below the bottom of the expected range (at 4.1700) first appears to be greater but any weakness is expected encounter solid support at 4.1620 and 4.1560.”