USD MYR

USDMYR Chart Flag

Latest USD MYR Analysis

Focus on the Malaysian Ringgit versus USD, EUR and GBP

  • The Malaysian Ringgit is mixed in its outlook against the major global currencies, weak versus both the US Dollar and Euro, but strong against the weakened Pound.
  • However, setbacks for the USDMYR and EURMYR FX rates in early June have started to question the underlying, intermediate-term bull trends for these Forex Rates.

USDMYR

A strong, intermediate-term bull trend remains still intact, rallying consistently from March to leave intermediate-term bullish forces CURRENTLY intact.

BUT the setback seen in early June has questioned the intermediate-term bull theme, with risk of an intermediate-term shift to neutral on a push below 4.1580

Intermediate-term Outlook – Upside Risks: We see an upside risk for 4.2000.

  • Higher targets would be 4.2250 and 4.2455
  • What Changes This? Below 4.1580 shifts the outlook back to neutral; through 4.1460 is needed for a bear theme.

Daily USDMYR Chart

usdmyr

EURMYR

A cautious, but solid, intermediate-term bull trend is intact, with an erratic advance from March, to just sustain intermediate-term bullish pressures.

HOWEVER, the early June consolidation and setback is questioning this intermediate-term bull trend, with the threat growing of an intermediate-term shift to neutral through 4.6570 AND even to bearish below 4.6482.

Intermediate-term Outlook – Upside Risks: We see an upside risk for 4.7090.

  • Higher targets would be 4.7222, 4.7530 and 4.7991/4.8002
  • What Changes This? Below 4.6570 shifts the outlook back to neutral; through 4.6482 is needed for a bear theme.

Daily EURMYR Chart

eurmyr

GBPMYR

A selloff from early May from below key resistances from Q4 2018 up at 5.4886 and 5.5056 has seen a reversal of the up trend line from February back in mid-May, shifting the intermediate-term outlook to bearish.

The recent push below 5.2721 support has reinforced the intermediate-term bear trend and the lacklustre rebound efforts in early June leaves risks lower into at least mid-month.

Intermediate-term Outlook – Downside Risks: We see a downside risk for 5.2657.

  • Lower targets would be 5.2042 and 5.1795
  • What Changes This? Above 5.3522 shifts the intermediate-term outlook straight to a bull theme.

Daily GBPMYR Chart

gbpmyr

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Other major currency pairs


BUY - rate is expected to increase, i.e. the first currency gains value against the second currency.
SELL - rate is expected to go down, i.e. the first currency is expected to lose value against the second currency.


The USD and MYR do not make a major pair together, despite the fact that the USD is indeed the king of majors. The Malaysian Ringgit on the other hand is not even close to being a major.

The USD

The United States Dollar is the top currency in the world, backed by one of the world’s biggest, most powerful and diverse economies. One of the more interesting facts about the greenback is that more of it is held outside the US than within.

Some countries use it as their national currency officially, while others do so de-facto.

The defining traits of the US economy are:

– a mixed capitalist nature

– high productivity

– excellent infrastructure

– plentiful natural resources

Most of the oil traded around the world is bought and sold in USD. For that reason, some call the greenback “petro dollar”.

The GDP of the United States makes up some 23% of the global GDP. The GDP of the EU surpasses that of the US in purchasing power parity however.  The overwhelming majority of FX trading takes place in USD too.

The MYR

The Malaysian Ringgit is the representative of a very different kind of economy. The economy of Malaysia has only recently transitioned from an agricultural/commodity based model to an economy relying mostly on services and manufacturing.

Even so, it has not been immune to the various crises that shook the global economy in the last couple of decades.

What’s interesting about the MYR is that its roots are in a way shared with the USD. Both currencies have at one point had some kind of connection to the Spanish Dollar.

Both the US and Malaysia had used the Spanish Dollar as legal tender at one point or another. In Malaysia’s case, the Spanish Silver Dollar had two runs as the official currency of the country.

Introduced in 1975, the Ringgit has been rather stable,  although over time it has yielded ground to the USD, in spite of the inflation that the latter went through.

Informally, the Ringgit is also known as the Malaysian Dollar.

 USD/MYR Analysis

While the economy of Malaysia is now services and manufacturing-driven, commodities still play a major role in it. The country is a major exporter of liquefied natural gas (LNG) and crude oil.

Slumping oil prices have exacted a major toll on the strength of the Ringgit against the USD.