THE ringgit traded decrease in opposition to the US greenback on the opening in the present day because the US Greenback Index (DXY) gained 0.1 per cent to 104.153 factors as merchants betted on an early fee minimize by the European Central Financial institution, strengthening the buck.
At 9.06 am, the ringgit stood at 4.6705/6750 versus the buck in contrast with yesterday’s shut of 4.6665/6700.
Financial institution Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid mentioned bond markets continued to rally in opposition to a backdrop of softening labour market indicators.
He famous that the 10-year US Treasury yield was decrease by six foundation factors to 4.10 per cent whereas the 10-year UK gilt was down by eight foundation factors to three.94 per cent.
It seems like fund managers are bullish on the bond markets on the expectation of weaker world development in 2024, and shifted their cash to the bonds of main economies, he added.
“Therefore, because the US Greenback Index continues to stay optimistic, the ringgit is predicted to vary round RM4.66 to RM4.68 in the present day,” he informed Bernama.
The ringgit was traded principally greater versus a basket of main currencies.
It appreciated additional vis-a-vis the euro to 5.0301/0350 from 5.0356/0394 at Wednesday’s shut, was greater in opposition to the British pound at 5.8666/8723 from 5.8793/8837 however fell in opposition to the Japanese yen to 3.1757/1790 from 3.1672/1700 beforehand.
In the meantime, the native notice traded blended in opposition to different Asean currencies.
It rose versus the Philippine peso to 8.43/8.44 from 8.44/8.45 on Wednesday and was greater in opposition to the Thai baht at 13.2700/2903 from 13.2714/2908.
The native notice was traded flat in opposition to the Indonesian rupiah at 301.4/301.8 from 301.1/301.5 and weakened barely versus the Singapore greenback to three.4810/4849 from 3.4801/4830 yesterday. — BERNAMA