Ringgit flat against US dollar in early trade
KUALA LUMPUR,. The ringgit opened flat against the US dollar this morning as investors await further market catalysts ahead of the guidance from the United States (US) Federal Open Market Committee (FOMC) meeting minutes, said a dealer.
At 9am, the local currency stood at 4.6720/6760 against the greenback from Tuesday’s close of 4.6720/6745.
ActivTrades trader Dyogenes Rodrigues Diniz said the FOMC meeting minutes would provide guidance on the next monetary policy move by the US Federal Reserve.
In a note today, he said that the US Producer Price Index (PPI) data, scheduled to be released tomorrow, may also give further clues on the pace of inflation in the US.
“From the technical point of view, the US dollar/ringgit is currently in an important resistance region; there are signs that buying interest is tailing off and a bearish pullback could start soon,” he added.
Meanwhile, the ringgit traded mostly higher against a basket of major currencies.
The local note climbed against the British pound to 5.1261/1305 from 5.1607/1635 at Tuesday’s close, gained versus the Singapore dollar to 3.2469/2502 from 3.2472/2491 and appreciated against the Japanese yen to 3.1976/2005 from 3.2059/2079 previously.
However, it slipped vis-a-vis the euro to 4.5337/5376 from 4.5314/5338 yesterday. — Bernama