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Monday, 3 July 2017

Rank does not confer privilege or give power. It imposes #Responsibility. #Ringgit starts week higher!

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Malaysia: The ringgit opened higher today due to bearish sentiment for the US dollar after the release of its first-quarter gross domestic product (GDP) data last week, a dealer said.

At 9am, the ringgit was traded at 4.2900/2970 against the greenback from 4.2920/2950 on Friday.

The dealer said at the beginning of this year, the Donald Trump-fuelled US dollar rally left the currency vulnerable to heavy losses and after six months, the greenback still lacks “attitude.”

The US also released better-than-expected GDP data last week which showed that the US economy advanced 1.4 per cent. Corporate profits, however, declined despite the upbeat data. Overall, investors remained focus on the central banks’ intentions to tighten monetary policies.

Against a basket of major currencies, the ringgit was traded mixed. It rose against the Singapore dollar to 3.1155/1210 from 3.1181/1220 on Friday, and strengthened against the yen to 3.8194/8267 from 3.8328/8365. It fell against the British pound to 5.5787/5904 from 5.5757/5801, and eased slightly against the euro to 4.8970/9055 from 4.8963/8015 on Friday.

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