This followed fresh dovish comments made by Federal Reserve official Christopher Waller yesterday.
“The magnitude of the currency movement was significant, especially with important tier-one economic data set to be released later this week.
“Specifically, traders are awaiting the US personal consumption expenditures inflation reading on Thursday and the Institute for Supply Management manufacturing purchasing managers’ index on Friday,” said SPI Asset Management managing partner Stephen Innes.
Consequently, he said traders might adopt a cautious approach as they await the release of this crucial data.
Innes reckons that the market is in a phase of reducing the strength of the US dollar over the longer-term.
At 6pm, the ringgit bounced to 4.6495/4.6550 against the greenback from Tuesday’s close of 4.6690/4.6725.
It appreciated vis-a-vis the euro at 5.1014/5.1075 from 5.1140/5.1178 at yesterday’s close, was marginally higher against the British pound at 5.8951/5.9021 from 5.8965/5.9009 but dropped against the Japanese yen to 3.1513/3.1553 from 3.1430/3.1456 previously.
The local currency was traded higher against other Asean currencies.
It was marginally higher versus the Singapore dollar at 3.4909/3.4953 from 3.4948/3.4976 and appreciated versus the Philippine peso to 8.39/8.41 from 8.42/8.43, rose against the Thai baht to 13.3484/13.3722 from 13.3629/13.3791.
It edged up against the Indonesian rupiah to 301.9/302.5 from 302.4/302.8 at yesterday’s close. - FMT
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.