USD/MYR: A drop to 4.3000 should not be ruled out – UOB

The loss of 4.3110 could put USD/MYR en route to a potential visit to the 4.3000 region in the short-term horizon, notes Markets Strategist at UOB Group Quek Ser Leang.

Key Quotes

“We highlighted last Monday (09 Jan, spot at 4.3730) that ‘downward momentum is beginning to build’ and we held the view that USD/MYR ‘is likely to trade with a downward bias toward last month’s low of 4.3570, possibly 4.3400’. The anticipated weakness exceeded our expectations as USD/MYR dropped sharply to a low of 4.3250.”