www.eth0808.vip:Positive sentiment boosts ringgit against greenback

AllbetGaming 4周前 (01-04) 体育 4 0


The ringgit is expected to trade between 4.38 and 4.41 this week. – The Malaysian Insight file pic, January 3, 2023.

THE ringgit opened marginally higher against the United States dollar on the first trading day of 2023, as China’s reopening and anticipation for less aggressive interest rate hikes in the US boosted buying support, dealers said. 

At 9am, the local note traded at 4.3965/4050 versus the US dollar from 4.3995/4095 at the close on Friday. 

The ringgit was closed on January 2, 2023, for the New Year replacement holiday. 

SPI Asset Management managing director Stephen Innes said the local note rallied this morning as buying flows on China’s reopening continued to help Asia foreign exchange. 

“Even though China’s economy could remain weak in the short term, the market is likely to look through this downswing in anticipation of more stimulus policies. 




“The ringgit could see a good week on the prospect of more support for China’s economy,” he told Bernama, adding that the ringgit is expected to trade between 4.38 and 4.41 throughout this week. 

Bank Islam Malaysia Bhd chief economist Firdaos Rosli said as the US Federal Reserve (Fed) is committed to cooling the labour market, the December nonfarm payroll could be the main catalyst for the next direction. 

“If the reading remains solid, it would prompt the central bank to take action to break the tight job situation, prolonging the bear market,” he told Bernama. 

He said the unveiling of the latest Federal Open Market Committee meeting minutes would draw attention as investors search for clues on the price pressure movement, aside from recession fears due to the aggressive rate hikes globally. 

“Notwithstanding the International Monetary Fund’s statement that a third of the global economy will face a recession this year, the Fed may likely pivot as early as the second quarter of 2023. 

“As such, we foresee the ringgit will trade between RM4.39 and RM4.41 for this week,” he added. – Bernama, January 3, 2023.



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