USD/MYR Higher; 3.0100-3.0120 Near-Term Cap -Trader

The USD/MYR is higher at 3.0060 from late Monday's 3.0015 tracking broad dollar strength vs Asian currencies. But "the market still wants to be long ringgit and short dollar in the longer-term. We are basically being driven by external factors right now, especially the movement in the euro," says a local trader. He adds, the market will keenly watch the ECB meeting Thursday, and also the Bank Negara Malaysia policy meeting on the same day. On the upside, he tips a 3.0100-3.0120 cap, with 2.9980 as likely support in the near term.