The greenback is likely to remain well supported as strong US economic data reinforces confidence in the resilience of the world's largest economy, says an analyst.
At 6pm, the local currency eased against the greenback to 4.0945/4.0985 from Monday’s close of 4.0935/4.0975.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US dollar is likely to remain well supported as positive economic data from the US reinforces confidence in the strength of the US economy.
“The US Dollar Index (DXY) surpassed the 100-point mark again after the US Institute for Supply Management Manufacturing Index for July came in better than expected,” he told Bernama.
Nevertheless, Afzanizam said, the ringgit was mostly flat versus the US dollar and moved within a narrow range throughout the day.
The ringgit traded higher against a basket of major currencies at the close.
It appreciated versus the Japanese yen to 2.5929/2.5956 from 2.6062/2.6089 at Monday’s close, strengthened vis-à-vis the euro to 4.7120/4.7166 from 4.7165/4.7211 yesterday, and edged up against the British pound to 5.5034/5.5088 from 5.5053/5.5107 previously.
The ringgit also traded higher against regional currencies.
It strengthened versus the Thai baht to 12.2487/12.2654 from 12.2663/12.2827 at yesterday’s close, rose against the Indonesian rupiah to 227.1/227.4 from 227.4/227.7 previously, appreciated vis-à-vis the Philippine peso to 6.69/6.70 from 6.72/6.73, and advanced against the Singapore dollar to 3.1899/3.1932 from 3.1911/3.1944. - FMT
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.