Qualampur: Ringit extended its upward tendency in Tuesday’s open, provoking the US dollar continuously.
At 8.01 am, the local currency rose to 4.1955/2160 compared to the greenback of 4.2060/2130.
The US Dollar Index (DXY) proceeded by 96.875 as investors waited for major economic data, reaching its end with a 90-day break period.
Bank Malaysia Malaysia BHD Chief Economist Dr. Mohammad Afzanim Abdul Rashid said that the yield on two and 10 -year -old American Treasury notes decreased by one and five basis points respectively, as expectations increased that the US Federal Reserve (Fed) could reduce monetary policy in the second half of the year.
He said, “President Trump emphasizes social media that interest rates should be reduced. It confirms the approach that the next fed chair can adopt a more dowish stance,” he told Bernama.
Meanwhile, Brent crude slipped 0.24 percent, which was $ 67.61 per barrel. Market is focused on the upcoming OPEC+ meeting on Sunday, where member countries are expected to increase the output quota to recover market share.
In the open, the ringit was mixed against major currencies, but mostly its ASEAN comrades vs. high.
It weakened against the Japanese Yen from 2.9156/9206 to 2.9190/9335, the British Pound vs 5.7617/7898 to 5.7597/7693 slipped from 5.7617/7693, and decreased from 4.9290/9372 to 4.9457/9698 against Euro.
RingPit also reduced 3.3009/3176 against Singapore dollar from 3.2986/3034, but received 12.9356/9627 to 12.9331/13.0059 at Thai Baht, 259.0/259.4 to 99.5.5.4 from 99.5.5.4 99.59.7.7.7.7.7.7.7.7.7.7.7.7.7.7.7.7.7.7.7.7.7.7.7.75.7.7.7.7.7.7.7.7.7.7.7.7.7.7.44 to 99.49.7.7.75.44, 7.46/7.48.
