Thursday, November 30, 2023

Ringgit's trend vs the US dollar is still upward

According to an observer, the ringgit maintained its upward trajectory and opened stronger vs. the US dollar today as both the dollar index and US Treasury yields fell to their lowest levels in months.

The ringgit strengthened against the US dollar at 9 a.m., closing at 4.6690/6725 on Tuesday.

The US dollar dropped, according to managing partner Stephen Innes of SPI Asset Management, after US Federal Reserve (Fed) governor Christopher Waller made dovish comments on Tuesday.

According to reports, Waller expressed his growing confidence that policy is currently positioned to slow the economy and return inflation to 2.0%.

According to Innes, the Fed member's dovish stance is a major confirmation bias for a market that has already positioned itself for rate reductions in the upcoming year.

"The yield on the US Treasury's two-year note, which is correlated with the expectations for Fed Funds interest rates, dropped to 4.75 percent, the lowest level since August.

Ringgit's trend vs the US dollar is still upward

The ringgit should benefit greatly from this. As a result, he told Bernama, "The market is opening up under the key 4.50 level."

The ringgit was down against a basket of major currencies in early trade, with the exception of the euro, where it gained ground, closing at 5.1121/1177 on Tuesday from 5.1140/1178.

It declined from 3.1430/1456 yesterday against the Japanese yen to 3.1629/1665 today, while it sank from 5.8965/9009 yesterday versus the British pound to 5.9054/9117.

The value of the local currency in relation to other Asian currencies was typically greater.

The ringgit fell from 13.3629/3791 to 13.3915/4137 against the Thai baht. - Bernama

At yesterday's closing, it was somewhat stronger against the Singapore dollar, up to 3.4920/4962 from 3.4948/4976; it was stronger against the Philippine peso, up to 8.39/8.40 from 8.42/8.43; and it was stronger against the Indonesian rupiah, up to 300.6/301.1 from 302.4/302.8.

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Ringgit's trend vs the US dollar is still upward