The Ringgit trading neutral despite firm oil prices

KUALA LUMPUR: The ringgit opened higher against the US dollar this morning as oil prices continued to soar.

At 9 am, the local currency stood at 4.1350/1410 against 4.1370/1400 recorded at Friday’s closing.

OANDA Head of Trading in Asia-Pacific Stephen Innes said the two primary competing narratives that would impact the ringgit’s performance would be the surging oil prices versus the higher US interest rates.

“Even though oil prices are high right now, investors still remain cautious about the US dollar’s performance coupled with higher interest rates by the US Federal Reserve,” he told Bernama.

At 9am, the benchmark Brent crude was traded at US$83.01 per barrel.

Meanwhile, the ringgit traded mixed against other major currencies.

It slightly eased against the Singapore dollar to 3.0238/0293 from 3.0232/0263 on Friday and strengthened versus the yen to 3.6320/6382 from 3.6472/6501.

The local currency also declined against the euro to 4.7991/8065 from Friday’s 4.7969/7007 and appreciated vis-a-vis the British pound to 5.3916/3999 from 5.3984/3044. — Bernama

The Sun Daily

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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