Ringgit opens mildly lower on mixed US economic signals

KUALA LUMPUR: The ringgit opened slightly lower against the US dollar today as mixed signals from the United States (US) macro data continued to support the greenback, a dealer said.

At 9.02 am, the local note eased to 4.2320/2350 versus the greenback from Tuesday's close of 4.2310/2350.

ActivTrades trader Dyogenes Rodrigues Diniz said last week's US Initial Jobless Claims data came in higher than expected.

However, the Consumer Confidence indicator was higher-than-expected, which is supportive for the dollar.

"This has left the dollar treading water and investors are now awaiting any signal from the Fed to break the uncertainty, one way or the other," he said.

Meanwhile, Diniz said the greenback has been moving sideways against the ringgit for the last few days and is seems to be ready to initiate a corrective downward move at any moment.

From a technical point of view, he said the US dollar against the ringgit could drop to as low as 4.1750, where it may encounter some buying pressure.

At the opening bell, the local note was traded lower against a basket of major currencies.

The ringgit weakened vis-a-vis the euro to 5.0001/0037 from yesterday’s close of 4.9845/9893 and depreciated against the Japanese yen to 3.8511/8542 from 3.8418/8458.

The local unit fell against the British pound to 5.8732/8773 from 5.8286/8341 and declined against the Singapore dollar to 3.1122/1147 from 3.1099/1131. - Bernama
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