Ringgit Consolidates into the weekend

KUALA LUMPUR, Nov 24 —

At 9am, the local unit was traded at 4.1180/1210 against the greenback from yesterday’s close of 4.1050/1100.

 OANDA Head of Trading Asia-Pacific Stephen Innes told Bernama that the ringgit was on the upside, the past few days, but opened easier against the US dollar this morning as it entered a consolidation-mode after soaring over the past few days

“If the greenback continues to wobble, the local basket looks charged and ready to rumble,” he said.

On the broader macroeconomics perspective, Innes said overnight trading session was very quiet as most US traders were off to celebrate Thanksgiving.

Meanwhile, on foreign exchange market, the ringgit was traded lower against a basket of major currencies.

The ringgit depreciated against the Singapore dollar to 3.0585/0614 from 3.0486/0537 yesterday and decreased against the yen to 3.6963/6996 from 3.6892/6944 yesterday.

The local unit declined versus the euro to 4.8761/8801 from 4.8607/8679 and eased against the British pound to 5.4749/4801 from yesterday’s 5.4621/4692. — Bernama

Malaysia Mail via 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

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