Ringgit Trades Sideways

The ringgit opened higher against the US dollar today, supported by buying interests for the local note, dealers said.

At 9am, the local unit was at 4.1130/1170 against the greenback from 4.1155/1185 last Friday.

OANDA head of trading Asia-Pacific, Stephen Innes, said besides the robust demand and positive external factors that were firming the ringgit’s strength, the local note was also driven by currency traders progressively pricing an interest rate increase by Bank Negara Malaysia in January next year.

On the external front, Innes said, after the recent rally, the ringgit should be consolidating ahead of the release of key US personal consumption expenditures data, Organisation of the Petroleum Exporting Countries (OPEC) meeting and US tax reform vote.

Against a basket of major currencies, the ringgit was traded mostly higher.

The local currency increased against the Singapore dollar to 3.0539/0578 from 3.0553/0584 last Friday and gained vis-a-vis the yen to 3.6858/6901 from 3.6927/6964 previously.

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