By Sharifah Pirdaus Syed Ali<\/p>\n\n\n\n
KUALA LUMPUR, Dec 9 (NNN-Bernama) — The Malaysian ringgit opened slightly higher against the US dollar Friday as the greenback retreated amidst risk-on mode, which saw United States (US) equities improving despite the absence of a fresh catalyst.<\/p>\n\n\n\n
Market players are now awaiting the US Federal Reserve and the European Central Bank monetary policy decisions next week for market direction, an analyst said.<\/p>\n\n\n\n
At 9 am, the local note rose to 4.3925\/3985 against the US dollar from 4.3960\/4000 at Thursday\u2019s close.<\/p>\n\n\n\n
SPI Asset Management managing director Stephen Innes said the ringgit is expected to trade more favourably to the more risk-friendly environment as the US Jobless Claims data released overnight pointed towards the cooling of the US labour market.<\/p>\n\n\n\n
\u201cAs such, a soft landing may be achievable in the US. This is positive for risk sentiment, so there is less demand for the safe-haven US dollar as Asia\u2019s foreign exchange continues to ride the China reopening wave, and I expect the ringgit to be one of the 2023 rising stars,” he told Bernama.<\/p>\n\n\n\n
Meanwhile, ActivTrades trader Dyogenes Rodrigues Diniz noted that the US dollar was little changed against the ringgit due to the lack of direction.<\/p>\n\n\n\n
He said from a technical standpoint, the US dollar is in its support region, with its Relative Strength Index (RSI) at 26.94 against the ringgit.<\/p>\n\n\n\n
\u201cReadings below 30 on the RSI tend to show that sellers have pushed the price down too hard and they are now potentially tired, giving room for bulls to act.<\/p>\n\n\n\n
\u201cIt is possible that the US dollar will move up to the 4.5000 region against the ringgit over the next few days,” he added.<\/p>\n\n\n\n
Meanwhile, the ringgit was traded lower against a basket of major currencies this morning.<\/p>\n\n\n\n
The local note depreciated against the British pound to 5.3755\/3829 from 5.3504\/3552 at Thursday\u2019s close and weakened vis-a-vis the euro to 4.6385\/6448 from 4.6127\/6169 yesterday.<\/p>\n\n\n\n
It had also slipped versus the Singapore dollar to 3.2482\/2531 from 3.2381\/2415 on Thursday and fell against the Japanese yen to 3.2142\/2190 from 3.2090\/2121 previously.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
By Sharifah Pirdaus Syed Ali KUALA LUMPUR, Dec 9 (NNN-Bernama) — The Malaysian ringgit opened slightly higher against the US dollar Friday as the greenback retreated amidst risk-on mode, which saw United States (US) equities improving despite the absence of a fresh catalyst. Market players are now awaiting the US Federal Reserve and the European […]<\/p>\n","protected":false},"author":30,"featured_media":147241,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,288,300,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/202320"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=202320"}],"version-history":[{"count":1,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/202320\/revisions"}],"predecessor-version":[{"id":202326,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/202320\/revisions\/202326"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/147241"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=202320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=202320"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=202320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}