Ringgit Moves Positive Against USD, Major Currencies & Asean!

thecekodok


The ringgit continued its strengthening momentum by moving higher as the US Dollar Index (DXY) weakened after the release of US NFP figures last Friday.



At 10.15am, the ringgit was at 4.3670 which is 0.07% stronger against the USD than it closed at 4.3715 at the end of Monday.


Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the DXY fell 0.38% to 103,885 points while stressing that US Treasury yields were trending lower and reflected a potential rate cut in the Fed funds rate this week.


However, market sentiment remains cautious as the tight race in the US presidential election continues to be a major factor affecting confidence in financial markets.


He also said that the ringgit is expected to trade in a moderate range while the market waits for the results of the US election this week.


Meanwhile, the ringgit also gained strength against a group of major currencies.


It added against the British pound to 5.6609/6732 from Monday's close of 5.6707/6772, rose against the Japanese yen to 2.8697/8761 from 2.8775/8810 and rose against the euro to 4.7519/7623 from 4.7636/7691.


The local note also traded mostly higher against several Asean currencies.


It was slightly higher against the Indonesian rupiah at 277.4/278.1 from 277.5/277.9, rose against the Singapore dollar at 3.3111/3186 from 3.3185/3226 and strengthened against the Thai baht at 12.9313/12.9728 from 12.9664/9882.


However, the ringgit remained almost unchanged against the Philippine peso trading at 7.49/7.51 from 7.49/7.50

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