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Thursday, 15 June 2017

Surround yourself with only people who are going to lift you higher. #Bursa-saham lifts up!

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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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