The Ringgit weakens ahead of NFP

KUALA LUMPUR: The ringgit closed lower against the US dollar as the greenback continued its uptrend after growing optimism emerge over the likelihood of the US Senate passing the tax-reform bill.

At 6pm, the local unit was quoted at 4.0870/0890 against the US dollar from 4.0860/0890 on Thursday.

Oanda Corp Head of Trading for Asia Pacific Stephen Innes said speculation that the US Federal Reserve would fast-track the decision to hike interest rates, at its policy meeting on Dec 12-13, also presented some near-term headwinds for the ringgit.

“The market also lacked buying support ahead of the release of the much anticipated non-farm payroll report later today.

“Furthermore, the year-end holidays is approaching and many investors will be winding down their positions,” he told Bernama.

Against a basket of major currencies, the ringgit was traded mostly higher, except against the British pound.

It rose against the Singapore dollar to 3.0191/0217 from 3.0255/0298 on Thursday, advanced against the yen to 3.5983/6011 from 3.6265/6301 and appreciated against the euro to 4.7961/7997 from 4.8170/8209, yesterday.

The local note was traded lower against the pound at 5.5076/5107 from 5.4667/4719 on Thursday. — Bernama

The Sun Daily via Bernama

 

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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