Ringgit Marginally Weaker vs USD

KUALA LUMPUR, Nov 28 — The ringgit opened marginally lower against the US dollar today on higher demand for the greenback, said a dealer.

At 9am, the local unit was at 4.1140/1170 against the US dollar from 4.1130/1160 yesterday.

OANDA Head of Trading Asia-Pacific, Stephen Innes, said the traders were cautious ahead of a possible progress on tax cut plans in the US and the release of economic data on US personal consumption expenditures this week.

He said due to this it would be a rather quiet currency market for the US dollar-Asia region.

“But with the dovish November US Federal Open Market Committee minutes still fresh in the market’s mind, this should continue to favour regional emerging market demand.

“In addition, the cleaner positioning suggests the ringgit could extend it’s decisive run as the currency remains in favour on macro and monetary policy fronts,” Innes told Bernama.

Meanwhile, against a basket of major currencies, the local note was traded mostly higher.

It marginally improved against the Singapore dollar to 3.0556/0585 from 3.0559/0593 on Monday and rose against the euro to 4.8965/9017 from 4.9064/9112 yesterday.

It increased against the British pound to 5.4807/4851 from 5.4900/4944 yesterday but fell vis-a-vis the yen to 3.7046/7083 from 3.6961/6998 yesterday. — Bernama
Malay 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