Ringgit Pause for Cause ahead of 3.95?

KUALA LUMPUR: The ringgit took a breather against the US dollar this morning, after reaching an 18-month high yesterday.

At 9.09 am, the ringgit was lower at 3.9620/9650 against the greenback from Monday’s close of 3.9540/9580.

Oanda Corp Head of Trading for Asia Pacific, Stephen Innes, said most emerging Asian currencies had marked gains versus the greenback, although the market could see some moved paired back ahead of China’s data dump on Thursday.

“Given that the bullish fundamentals (of the ringgit) are fairly well entrenched, I suspect moves will be driven more by technical signals as we approach the crucial Bank Negara Malaysia rate decision later this month,” he said in a research note today.

Meanwhile, the ringgit traded mixed against a basket of major currencies.

It was almost flat against the Singapore dollar at 2.9931/9961 from Monday’s 2.9932/9971, but higher against the Japanese yen at 3.5739/5776 from 3.5760/5806.

The ringgit depreciated against the British pound to 5.4640/4685 from 5.4526/4597 and eased against the euro to 4.8546/8591 from 4.8468/8533. — Bernama

New Straits Times

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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