KUALA LUMPUR, April 27 — The ringgit edged higher against the US dollar but was traded mostly lower against other major currencies in early trade on Monday amid subdued market...
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T&Cs apply. KUALA LUMPUR, April 27 — The ringgit edged higher against the US dollar but was traded mostly lower against other major currencies in early trade on Monday amid subdued market sentiment ahead of the US Federal Reserve meeting later this week, said an analyst. At 8.14 am, the local currency was marginally higher at 3.9610/9680 against the greenback, compared with 3.9630/9670 at Friday’s close.
SPI Asset Management managing partner Stephen Innes said the foreign exchange market is currently subdued, a typical pattern ahead of a US Federal Reserve meeting as traders assess whether the policy guidance will lean hawkish or dovish. Innes said positioning has narrowed and conviction has eased, with market participants largely holding back until there is greater clarity.
On the geopolitical side, Innes said the lack of progress in the Iran peace talks is acting as a mild drag on risk sentiment and likely capped what could have been a broader dollar sell-off earlier in the week.
“That said, unless we see a meaningful military escalation that drives oil materially higher, the impact should stay contained. For now, I’d expect a modest bias toward ringgit appreciation, but nothing aggressive.
“The broader setup still leans toward range trading, as the dollar is unlikely to weaken meaningfully with oil holding around current levels. That should keep the downside in US dollar contained, limiting any sustained ringgit rally,” he told Bernama. It fell against the British pound to 5.3529/3624 from 5.3429/3483 at Friday’s close, declined against the Japanese yen to 2.4831/4876 from Friday’s 2.4808/4834 and eased against the euro to 4.6379/6461 from Friday’s 4.6312/6358.
It eased against the Singapore dollar to 3.1020/1078 from 3.1009/1043 at Friday’s close, and was slightly higher against the Thai baht to 12.2181/2465 from 12.2183/2363. It edged up against the Indonesian rupiah at 229.9/230.4 from 230.0/230.3 and was almost flat versus the Philippine peso at 6.52/6.54 from 6.52/6.53. — Bernama
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