Whats “Down” for the Ringgit Today

KUALA LUMPUR: The ringgit opened lower on lack of demand and cheaper crude oil prices, dealers said.

At 9.15am, the local unit was traded at 4.4400/4460 against the greenback from 4.4370/4440 on Friday.

Brent crude oil was 0.04 per cent easier at US$55.97 a barrel.

However, a dealer said the US dollar, which may be pressured in the near-term, may lend support to the ringgit.

“Market players will focus on US President Donald Trump’s address at a joint session of Congress on Tuesday.

“If the US dollar comes under threat, post the Congress address, there will be no amount of hawkish US Federal Reserve rhetoric or bullish economic data to assist the cause of the dollar, as it’s going to take a March rate increase to keep the US dollar trade viable,” said OANDA Senior Trader Stephen Innes.

Meanwhile, the local note was traded mostly higher against other major currencies.

It marginally rose against the Singapore dollar to 3.1599/1649 from 3.1612/1666 on Friday but against the Yen, it decreased to 3.9611/9682 from 3.9440/9513.

Vis-a-vis the Euro, the ringgit appreciated to 4.6913/6985 from 4.7001/7084 on Friday and strengthened against the British to 5.5136/5215 from 5.5622/5719 previously. — 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