The Malaysian ringgit opened slightly higher against the US dollar on Tuesday, buoyed by a weaker US Dollar Index (DXY) following US economic data releases. Analysts attributed the movement to below-forecast US Services Purchasing Managers’ Index (PMI) data and reports on potential reductions in Trump-era tariffs, although these were quickly denied. The ringgit is expected to remain under pressure against the US dollar due to potential rate cuts by the Federal Reserve (Fed) and a cautious approach to monetary policy.
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At 8am, the ringgit traded at 4.5080/5145 against the greenback, compared with Monday’s close of 4.5090/5135. — Picture by Farhan NajibKUALA LUMPUR, Jan 7 — The ringgit opened slightly higher against the US dollar, bolstered by a weaker US Dollar Index after the release of US economic data, an analyst said.
He noted that the DXY was also affected by reports suggesting a possible reduction in the scope of Trump-era tariffs, which President-elect Donald Trump quickly denied. As a result, the US dollar is expected to remain firm, implying continued weakness for the ringgit, he added.
Ringgit US Dollar DXY US Economic Data Federal Reserve Rate Cuts
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