USD/MYR now faces some consolidation – UOB

Pablo Piovano FXStreet

USD/MYR could trade between 4.6540 and 4.7550 in the next few weeks, according to Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

Last Monday (06 Nov), when USD/MYR was trading at 4.6900, we highlighted that “the outlook for USD/MYR is still negative.” We added, “it could drop to 4.6480, but the next support at 4.6300 is likely out of reach for now.” While USD/MYR then plunged to a low of 4.6260, it snapped back up and ended the week at 4.7060 (-0.42%). Downward pressure has faded with the sharp bounce.

This week, we expect USD/MYR to consolidate, likely in a range of 4.6540/4.7550.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

AUD/USD rises to 0.6950 as USD slips on Fed's Warsh

AUD/USD regains traction and extends the bounce toward 0.6950 in the Asian session on Friday. Fed Chair Warsh's comments reinforce the selling pressure on the US Dollar, allowing the pair to stretch higher. Warsh said that he remains committed to delivering price stability without giving away anything on future interest rate path.

USD/JPY falls in symc with USD, gives up 158.00 after Warsh's speech

USD/JPY has come under fresh selling pressure and gives up 158.00 in the Asian session on Friday amid the emergence of fresh US Dollar selling. Fed Chair Warsh's non-committal commentary on the future tightening path, weighs on the US Dollar and the pair.

Gold looks vacillating above $4,150

Gold alternates gains with losses below the key $4,200 mark per troy ounce on Friday. The yellow metal’s irresolute price action comes in response to a modest pullback in the US Dollar and a tepid recovery in US Treasury yields across the board.

Week ahead: Stocks seek direction as earnings take centre stage

It has been a challenging week for investors as the hotter US CPI report and the solid start to the earnings season did not produce the expected market movements. With the exception of the aussie, the US dollar is currently posting minimal gains across the FX spectrum, with its post-CPI rally proving short-lived, especially as dovish Fedspeak persists.

CFTC report: Euro and Aussie shorts build as Gold exposure remains elevated

The week in one sentence: Euro shorts deepened, and Yen longs retreated in the week to October 13. In addition, Coffee buying continued, and Gold exposure remained elevated despite another price decline. Speculators turned more bearish on the Euro (EUR), taking net shorts to around 137.6K contracts, the highest level since January 2016.

Everyone's dumping Gold after hot US inflation. Here's why $4,100 could be a floor, not a cliff

Gold (XAU/USD) is recovering from a sharp sell-off triggered by hotter-than-expected United States (US) inflation data released on Wednesday. The precious metal briefly plunged toward $4,073 as investors increased their bets on further Federal Reserve (Fed) interest rate hikes before recovering as US Treasury yields and the US Dollar (USD) reversed their initial gains.