Ringgit May Fall to 3.3500 Vs USD; Focus on 3Q GDP Data

        0144 GMT [Dow Jones] USD/MYR may rally off the base of the daily Bollinger uptrend channel toward the 3.3500 round-figure trading barrier--which has not been tested since May 2010. Persistent buoyancy of USD/JPY will likely be the trigger for more U.S. dollar strength versus Asian currencies in the near term. The ringgit has been displaying negative technical signs on the daily and weekly chart, and could soon look negative on the monthly chart if it ends November weaker than 3.3345 to the U.S. dollar--which would place USD/MYR above the monthly Ichimoku Cloud resistance zone, opening the possibility of much greater upside. Malaysia will release its third-quarter gross domestic product data at 1000 GMT; a weak September industrial production report has softened expectations for GDP. USD/MYR is now 3.3410 from its Thursday close of 3.3360. (ewen.chew@wsj.com)
        (END) Dow Jones Newswires

        November 13, 2014 20:44 ET (01:44 GMT)

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