In the forex market, MYR is deemed to be a risky currency. When a Trump victory looked imminent in the morning of November 9, MYR struggled to hang onto the 4.25 level. Next day, that level broke. Since then, USD has gained 230 basis point or 2.3% against our MYR.
Chart 1: USD-MYR's 60-min chart as at Nov 11, 2016_10.00am (Source:investing.com)
USD-MYR is now pressing against the October 2015 high of 4.45. I believe this level should cap the immediate rally for a while. The Trump risk will wreck havoc to many markets until we have a clear picture of what to expect. If Trump leads America the way he led his campaign - I don't believe otherwise - we will be in for a rough ride for the next 4 years. God save America and God save all of us!
Chart 2: USD-MYR's daily chart as at Nov 11, 2016_10.00am (Source:investing.com)
Update: USD-MYR spiked to a high of 4.73 at 10.15am. It pulled back to 4.47-4.48 as at 10.45am.
For comparison, I appended below the performance of two other Asian currencies vis-a-vis USD.
Chart 3: USD-SGD, USD-JPY & USD-MYR's daily chart as at Nov 11, 2016_10.40am (Source:investing.com)
The mystery of the sharp spike in USD-MYR was due to the news which was finally on Malaysiakini at 4.06pm. It announced that “Malaysian authorities (have decided) not to cooperate with (Switzerland's Office of the Attorney-General’s) probe into 1MDB”. The reason given is that any cooperation “will
Never in the history of our nation was so much owed by one man to so many. If he truly loves this nation and her people, he should do the right thing: Step down!!