Ringgit Marking Time

KUALA LUMPUR, Jan 19 — The ringgit rebounded to open higher against the US dollar today on improved demand, said a dealer.

At 9.12am, the ringgit stood at 3.9410/9450 against the greenback from yesterday’s close 3.9540/9570.

Oanda Corp head of trading for Asia Pacific, Stephen Innes, said the ringgit was not expected to undergo any surprises or significant moves ahead of the weekend, as it has been a pillar of stability this week.

He added that markets were pricing at roughly a 70 per cent interest rate hike probability, which suggested an uptick in volatility early next week ahead of the Monetary Policy Committee meeting on Jan 25, which will be a significant influence over the near-term direction.

“All in all, we should expect the ringgit to remain relatively rangebound today unless there is an unexpected shift in the broader US dollar narrative. The ringgit is trading stronger against the US dollar this week,” said Innes in a note today.

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

It strengthened against the euro to 4.8242/8303 from yesterday’s 4.8290/8339 and rose against the Singapore dollar to 2.9838/9875 from 2.9887/9912.

The ringgit appreciated against the yen to 3.5498/5544 from 3.5522/5553, but eased against the British pound to 5.4752/4824 from 5.4731/4777. — Bernama

The Malay Mail on Line

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