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Dollar perched at 11-month highs as trade concerns weigh

LONDON: The dollar hit a 11-month high against a basket of its rivals on Wednesday as an escalating trade conflict kept investors from buying higher-yielding currencies and markets braced for growing volatility.

Ringgit higher against US$ on bargain hunting

KUALA LUMPUR: The ringgit was higher against the US dollar early Wednesday, reversing yesterday's losses and as bargain hunting emerged to take advantage of the recent depreciation, a dealer said.

The dealer said Tuesday's weaker close was the first time the ringgit had breached the 4.0 level in more than five months, pushing demand for the local currency, despite uncertainty over Malaysia's fiscal deficit as well as US-China trade war tensions.

Berjaya Sports Toto FY18 core earnings below forecast

KUALA LUMPUR: Berjaya Sports Toto’s (BST) core earnings for financial year ended April 30, 2018 of RM238.5mil were below CIMB Equities Research and Bloomberg consensus expectations, at 89% and 90% of the respective forecasts.

CIMB Research thinks yield seeking investors will continue to look to BST as a defensive play with attractive yields.

Ringgit at 5-month low, pressurised by US-China trade dispute

PETALING JAYA: The ringgit has depreciated to its weakest level in five months against a surging US dollar, as growing concern over the trade dispute between the United States and China triggered a shift towards safe-haven assets such as US government bonds. In addition, declining crude oil prices also pressured the ringgit, which depreciated 0.33% against the greenback .

“Persistent concerns over the resurgence in investor demand for the US dollar, and the negative market impact encouraged by the ongoing fears over a potential trade war between the United States and China have played a leading role behind the ringgit falling back below four against the US dollar,” FXTM global head of currency strategy & market research Jameel Ahmad said.  He said the ringgit would continue to weaken due to the buying momentum for the US dollar.

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