Malaysia: The ringgit opened higher today amid updates from the US, which persistently pressured the US dollar.
At 9 am,
the local unit was quoted at 4.2520/2550 against the greenback from Wednesday's
4.2560/2600.
FXTM
Research Analyst, Lukman Otunuga, said the recent weakness in US inflation has
not only sparked concerns for the health of the US economy but also created
uncertainty around the Federal Reserve's policy plan for 2017.
"Focusing
on the greenback, the currency has had a turbulent year. I feel the outlook
remains tilted to the downside as political uncertainty in Washington and soft
economic data weigh heavily on the currency.
"With
a dovish increase on the cards in today’s meeting, the Dollar Index could find
itself under renewed selling pressure,” he said in a statement.
The Federal Reserve wraps up a two-day meeting yesterday and raises benchmark interest rate to one per cent to 1.25 per cent.
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