Stronger US payrolls in November boosts demand for greenback. FMTNews RInggit Dollar
KUALA LUMPUR: The ringgit opened easier against the US dollar in early trade today, on better demand for the greenback amidst the upbeat US economic data.
AxiTrader chief Asia market strategist, Stephen Innes said US 10-year treasury yields rose three basis points to 1.84% despite a weak Automatic Data Processing read earlier in the week while US payrolls for November were much stronger than expected, rising 266,000 with upward revisions. Meanwhile, RHB Research said in a note, regardless, the ringgit remained fairly stable at RM4.18 for the month of November compared to the prior month.“Year-to-date, the ringgit is down 1.1%, extending its 1.8% loss registered in 2018,” it said.
“For 2020, we expect the ringgit to strengthen further towards 4.00 versus the greenback by end-2020.
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