The EUR/MYR currency pair trades the Euro against the Malaysian ringgit, an interesting pair that is influenced by two of the leading markets - European and Asian. While the EUR reflects developments in the developed European markets, the MYR sees changes whenever developing Asian markets experience significant upheaval.In addition to developments in the European and Asian economies, the EUR/MYR exchange rate also sees significant movement on the release of key economic data, including GDP, inflation, trade balance, CPI, employment, business confidence and consumer consumption. Changes to the monetary policy or interest rates by the European Central Bank (ECB) or the Bank Negara Malaysia also drive price action in this currency pair.The EUR/MYR forex pair is also impacted by developments in China, a key trade partner for Malaysia. Any data that could hamper the trade relationship between the two countries weakens the MYR and turns this pair bullish, and vice versa. The economy of Malaysia is heavily dependent on international trade, and as a result, the MYR experiences significant volatility whenever external demand is affected, e.g. during the global financial crisis back in 2008-09. On the other hand, the EUR is considered a stable currency that traders turn to as a reserve currency, similar to the US dollar.