Ringgit continues upward momentum against US$ on US-China trade tensions


  • Forex
  • Monday, 11 Feb 2019

As at 9am (0100 gmt) Monday, the local note stood at 4.0630/0660 against Friday's close of 4.0670/0720.

As at 9am (0100 gmt) Monday, the local note stood at 4.0630/0660 against Friday's close of 4.0670/0720.

KUALA LUMPUR: The ringgit continued its upward momentum against the greenback early Monday due to weakening of the dollar as concerns arose in the United States over a second government shutdown and the ongoing US-China trade tension.

As at 9am (0100 gmt) Monday, the local note stood at 4.0630/0660 against Friday's close of 4.0670/0720.

Maybank Kim Eng in a research note Monday said worry of a second government shut down rose after negotiations in the congress over funding for a security wall in US-Mexico border hit a snag.

Negotiations can still get back on track but getting a deal by Friday's deadline seems to have been derailed just as the lawmakers thought they were on track to reach a compromise," it said.

On the prolonged trade tension between Washington and Beijing, another analyst said that investors are now eyeing the emerging markets as US and China will be heading for another trade discussion on Feb 14 and 15.

It was reported that China's Vice Premier Liu He will be joining US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in high-level trade talks between the two countries next week.

Back home, the ringgit was traded higher against other major currencies.

It strengthened against the Singapore dollar to 2.9963/9992 from Friday's 2.9988/9029 and inched up against the yen to 3.6994/7031 from 3.7023/7079.

Against the euro, the local unit rose to 4.6005/6056 from 4.6059/6124 and appreciated against the British pound to 5.2559/2614 from 5.2590/2667 on Friday. - Bernama

ASIA FX-Chinese yuan drops most; Thai baht firms

The following table shows rates for Asian currencies against the dollar at 0145 GMT (0945 Malaysian time) on Monday Feb 11.

    CURRENCIES VS U.S. DOLLAR
    
 Currency               Latest bid  Previous day  Pct Move

 Japan yen              109.790     109.72        -0.06
 Sing dlr               1.356       1.3563        +0.03
 Taiwan dlr             30.809      30.745        -0.21
 Korean won             1123.500    1123.9        +0.04
 Baht                   31.380      31.46         +0.25
 Peso                   52.040      52.12         +0.15
 Rupiah                 13990.000   13960         -0.21
 Rupee                  71.300      71.30          0.00
 Ringgit                4.065       4.067         +0.05
 Yuan                   6.767       6.7340        -0.49
                                                  
 Change so far in 2019

 Currency               Latest bid  End 2018      Pct Move

 Japan yen              109.790     109.56        -0.21
 Sing dlr               1.356       1.3627        +0.50
 Taiwan dlr             30.809      30.733        -0.25
 Korean won             1123.500    1115.70       -0.69
 Baht                   31.380      32.55         +3.73
 Peso                   52.040      52.47         +0.83
 Rupiah                 13990.000   14375         +2.75
 Rupee                  71.300      69.77         -2.15
 Ringgit                4.065       4.1300        +1.60
 Yuan                   6.767       6.8730        +1.56
-Reuters

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