Markets Strategist Quek Ser Leang at UOB Group suggests further consolidation lies ahead for USD/MYR in the short-term horizon.
Key Quotes
Last week, we held the view that USD/MYR “could consolidate for a few days first before rising to 4.6700 later on.” Our view did not materialise, as USD/MYR traded in a relatively quiet manner between 4.6330 and 4.6570.
The price movements appear to be consolidative, and USD/MYR could continue to trade in a range this week, likely between 4.6200 and 4.6700.
Source: https://www.fxstreet.com/news/usd-myr-no-changes-to-the-range-bound-theme-uob-202308281037