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The dollar started the week and the final quarter of 2020 on softer footing
THE holiday-punctured week ahead of us includes a very light economic calendar. As a result, the main focus during the week is likely to be on corporate news.
KUALA LUMPUR: The ringgit opened slightly lower against the US dollar on lack of catalysts, said a dealer At 9.05 am, the local note was at 4.1930/1960 against the greenback from yesterday’s close of 4.1910/1950.
KUALA LUMPUR: The ringgit opened flat against the US dollar in the early session today with the greenback remaining firm amid dovish European Central Bank’s (ECB) policy stance.
KUALA LUMPUR: The current net foreign selling will likely to continue next week with investors adopting a wait-and-see attitude weighed by the uncertain external development especially the outcomes from the US Federal Open Market Committee (FOMC) meeting.
The dollar erased its weekly gains, closing marginally lower by 0.02% to 96.8 after the US Federal Reserve’s Williams commented on the need for the central bank to “act quickly” as economic growth slows, fuelling market players to add bets on a 50-basis point (bps) cut in July’s FOMC meeting.
REVIEW: At press time, the world’s equity markets appear consoled that the US Federal Reserve is likely to implement a policy rate cut as early as July 31, and confidence is rising.
KUALA LUMPUR: The ringgit continued its upward momentum to open higher against the US dollar today, driven by investors’ shift towards emerging currencies including the ringgit due to persistent doubts over the global economic outlook, said a dealer.