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THE greenback added 0.35% to 97.08 on favourable job market data. Unemployment rate remained at 3.7% for the third consecutive month, with the labour force participation rate staying at 62.9% for the second consecutive month and wage growing at the same pace as in October by 3.1% y-o-y, 0.2% m-o-m.
THE dollar appreciated by 0.46% to 96.7 by the end of the week after the Fed maintained a hawkish stance during the FOMC meeting.
THE dollar depreciated by 0.31% to 96.7 largely after improving risk appetite in the global markets added with weaker-than-expected October ISM Manufacturing PMI, which came in at 57.7 points (previous: 59.8 points; cons: 59 points), signalling a slowing momentum in the US economy.
THE US dollar weakened by 0.62% to close at 93.912, its seven-week low following the improvement in risk appetite in the global markets while Dow Jones and S&P500 closed 2.3% to 26,657 and 1.5% to 2,931.
THE US dollar started the week on a strong note on the back of the robust labour market, reaffirming two more rate hikes in 2018 coupled with the reignited US-China trade tension after China announced that it would approach the World Trade Organisation for permission to proceed with implementation of sanctions on the US.
WHEN I was young, I used to wander around the old Pudu market. My Cochrane schoolmate’s father was on the municipal council managing it. It was a thriving market that served buyers and sellers of all shapes, sizes and economic ability.
THE dollar appreciated by 0.26% to 96.6 over the week. At the beginning of the week, investors flocked to safe haven assets as US-Turkey relations turned sour.
Global ForeignExchange Market
KUALA LUMPUR: AmBank Research expects the ringgit to trade between the support levels of 4.0557 and 4.0595 while its resistance is pegged at 4.0711 and 4.0777 to the US dollar.
KUALA LUMPUR: AmBank Research expects the ringgit to trade between its support levels of 4.0557 and 4.0595 while its resistance is pegged at 4.0711 and 4.0777.