Dollar reverses tack

KUALA LUMPUR, Aug 30 — The ringgit opened lower against the US dollar today as the greenback rebounded on positive US Consumer Confidence Index, dealers said.

At 9 am, the local unit was traded at 4.2670/2710 against the greenback from yesterday’s close of 4.2655/2685.

OANDA Asia Pacific Head of Trading, Stephen Innes, said the greenback improved as the US equity investors returned en masse and the US fixed income flow turned aggressive sellers of duration.

“This week’s focus is now pivoting to the US Personal Consumption Expenditure (PCE) price index data on Thursday, and the monthly US labour market report due Friday, especially earnings component,” said Innes.

The ringgit, however, was traded higher against other major currencies.

It rose against the Singapore dollar to 3.1479/1513 from 3.1543/1576 yesterday and improved against the yen to 3.8862/8902 from 3.9281/9319 yesterday.

The local note improved versus the euro to 5.1097/1158 from yesterday’s close of 5.1344/1397 and against the pound, it increased to 5.5155/5211 from 5.5315/5358 yesterday
The Malay Mail online 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