KUALA LUMPUR: The ringgit opened higher versus the US dollar this morning following a decline in the US Dollar Index (DXY) as investors awaited furthe...
: The ringgit opened higher versus the US dollar this morning following a decline in the US Dollar Index as investors awaited further clues on whether the US Federal Reserve would increase interest rates again.
The DXY declined as investors seemed to be taking profits from last week’s gains, which saw the greenback gaining over one per cent against its rivals. The 10-year Treasury yield was higher last night by nine basis points to close at 4.74 per cent while the two-year note rose only slightly by four basis points to 5.10 per cent.
“Subsequently, how that translates into the US Federal Reserve move in respect to monetary policy remains highly uncertain. As such, we foresee the ringgit-US dollar to maintain its tight range level of around RM4.73 to RM4.74 today,” he said.
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