KUALA LUMPUR: The ringgit opened little changed against the US dollar this morning as sentiments were mixed in light of the United States’ (US) thrivi...
: The ringgit opened little changed against the US dollar this morning as sentiments were mixed in light of the United States’ thriving economy and China’s wobbling economy, said an analyst.
SPI Asset Management managing director Stephen Innes said although these factors could have varying effects on other assets, they usually help strengthen the US dollar in the foreign exchange market. Additionally, he said there is a possibility of a slight increase in the ringgit due to the ongoing discussions of stimulus in China and consistent intervention in the Chinese yuan, which should keep Asia forex stable this week.
“The divergence in monetary policy might boost the US dollar in the near term, although the Federal Open Market Committee members are expected to shift their direction at some point in the future,“ he said.
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