MYR trades cautiously

KUALA LUMPUR: The ringgit was flat, in early trade, against the US dollar this morning on lack of buying interest, dealers said.

At 9.15 am, the local unit stood at yesterday’s close of 4.2905/2945 against the greenback.

Senior trader at OANDA Stephen Innes said the ringgit was however, in good standing from the macro perspective and offered a good yield return which should be attractive to investors looking to widen their regional risk appeal.

The greenback seemed to be under pressure as investors were keenly waiting for the release of today’s US Consumer Price Index inflation report.

The ringgit was traded mostly lower against other major currencies.

It declined against the Singapore dollar to 3.1174/1208 from 3.1149/1190 on Thursday, but rose against the yen to 3.7798/7847 from 3.7969/8015.

The ringgit weakened against the pound to 5.5493/5554 from 5.5442/5511 and eased against the euro to 4.8925/8974 from 4.8890/8949 yes

 

Bernama

 

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

Latest posts by Stephen Innes (see all)