Ringgit drops to new 2018 lows as Powell boosts USD
KUALA LUMPUR (July 18): Ringgit falls to its lowest in almost seven months as the dollar strengthens after Federal Reserve Chairman Powell delivered an upbeat assessment of the U.S. economy. June inflation figures are due.
* USD/MYR gains 0.3% to 4.0565; reached 4.0570, highest since Dec. 29
** Support 4.0083, 3.9975, 3.9969; resistance 4.0660, 4.0883, 4.0920
** NOTE: BBDXY gains 0.1% after advancing 0.4% overnight
* Ringgit’s on the back foot after USD was boosted by Fed Chair Jerome Powell’s remarks, says Mingze Wu, FX trader at INTL FCStone in Singapore.
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