Ringgit firmer against US$ in early trade

KUALA LUMPUR: The ringgit moved higher against the US dollar in early trade today as investors maintained their cautious stance while awaiting fresh economic data and insights on global economic outlook.

At 9 am, the ringgit rose to 4.7100/7140 versus the greenback from Friday’s close of 4.7190/7225.

The market was closed yesterday for Hari Raya Aidiladha celebration.

ActivTrades trader Anderson Alves noted that market participants will shift their focus on a series of US Federal Reserve speeches and the US Retail Sales report due later today.

"Additionally, the Reserve Bank of Australia is expected to keep the Official Cash Rate on hold at 4.35 per cent for the fifth consecutive time.

"Meanwhile, China will also report its industrial production, retail sales, fixed asset investment, and employment data which may elicit mixed reactions," he told Bernama.

The ringgit mostly traded higher against a basket of major currencies in early trade.

The local unit increased versus the Japanese yen to 2.9871/9898 from Friday’s close of 3.0046/0072 and appreciated vis-a-vis the British pound to 5.9864/9915 from 5.9955/9999, but weakened against the euro to 5.0567/0610 from 5.0418/0455 previously.

Similarly, the ringgit traded higher against its ASEAN peers.

The local note was better vis-a-vis the Indonesian rupiah at 287.0/287.2 from 287.5/287.8 at Friday’s close and strengthened against the Philippine peso to 8.02/8.04 from 8.04/8.05 previously.

It also rose against the Singapore dollar to 3.4842/4875 from 3.4857/4886 last Friday and went up versus the Thai baht to 12.7986/8136 from 12.8328/8475 previously. - Bernama

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