The Malaysian ringgit saw a marginal improvement against the US dollar at the start of trading today, opening at 4.4810/4885 compared to Thursday’s close of 4.4840/4870. This minor gain occurred despite the continued strengthening of the US Dollar Index (DXY), as noted by Bank Muamalat Malaysia Bhd chief economist, Dr. Mohd Afzanizam Abdul Rashid.
Dr. Mohd Afzanizam highlighted that the Federal Reserve is unlikely to significantly cut interest rates soon, as the US economy remains robust based on recent economic data. Market sentiment has shifted, with the likelihood of a December rate cut dropping sharply from 80% to below 60%, showcasing the unpredictability of current market dynamics. Consequently, the ringgit and other global currencies face a downside bias.
Against major currencies, the ringgit showed mixed performance. It depreciated slightly against the British pound (5.6761/6856) and euro (4.7180/7259), while gaining against the Japanese yen (2.8638/8688).
In ASEAN currency trades, the ringgit displayed a varied trend. It strengthened marginally against the Philippine peso (7.62/7.64) and Indonesian rupiah (282.4/283.0), weakened versus the Thai baht (12.8003/8342), and remained stable against the Singapore dollar (3.3284/3344).
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