Short Term Outlook Points To Positive Ringgit Trajectory

KUALA LUMPUR: The ringgit opened marginally lower today despite a falling US Dollar Index (DXY) as market expectation for an interest rate cut in 2024 supersedes statistical releases, including the better-than-expected US retail sales and initial jobless claims statistics, said an analyst.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said that given the clear guidance from the Federal Open Market Committee (FOMC) this week, the markets would continue to fall back on the rate cut thesis for their near-term trading strategy.
The 10-year note was below the 4% level while the major equities benchmark were all in the green.
“On that note, there could be an attempt for the ringgit-US dollar pair to break its immediate support level of RM4.6611 today.
“In a nutshell, emerging market currencies are likely to be positive including the ringgit in the immediate term,” he noted.
Meanwhile, the ringgit traded mostly lower versus a basket of major currencies.
At 9.01am, the ringgit eased to 4.6700/4.6740 against the greenback from Thursday’s close of 4.6695/4.6745.
It fell against the British pound to 5.9557/5.9608 from 5.9130/5.9193 and depreciated vis-a-vis the euro to 5.1286/5.1330 from 5.0888/5.0943, but was higher against the Japanese yen to 3.2830/3.2860 from 3.2977/3.3014 yesterday.
The ringgit was traded lower against a few Asean currencies.
It slightly decreased against the Philippine peso to 8.38/8.39 from Thursday’s closing rate of 8.37/8.38 and was marginally easier against the Indonesian rupiah at 301.2/301.6 from 301.1/301.6.
The ringgit edged down versus the Singapore dollar to 3.5147/3.5180 from 3.5101/3.5141 and fell against the Thai baht to 13.3884/13.4079 from 13.3205/3424. - FMT

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