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Further consolidation is forecast in USD/MYR for the time being, likely between 4.1200 and 4.1470, according to Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“Our expectation for USD/MYR to strengthen last week did not materialize as it traded in a quiet manner between 4.1295 and 4.1460.”

“Momentum indicators are mostly neutral, and USD/MYR could continue to consolidate for this week, likely between 4.1200 and 4.1470.”

“Looking ahead, the downside risk appears to be greater even though any weakness is expected to encounter solid support at the rising trend-line (currently at 4.1050).”