Foreign exchange markets traders trying to iron out the actual trade war implications to iron out the actual war. Foreign exchange markets weigh on local equity markets.

Malaysia: The ringgit was slightly higher against the US dollar in the morning session today on increased demand, said a dealer.

At 9.07 am, the local note was quoted at 3.9120/9170 from last Friday’s close of 3.9150/9200.

OANDA Head of Trading Asia-Pacific, Stephen Innes said trade war rhetoric lingered throughout the weekend and would continue to weigh on local equity markets.

“The greenback continues to trade weaker, amid firm crude oil markets which are providing background support, but with traders trying to iron out the actual trade war implications on foreign exchange markets,” he told Bernama.

Innes opined that its unlikely the ringgit will move off its defensive posture.

Against a basket of major currencies, the ringgit was mostly lower.

Meanwhile, the local currency was marginally lower against the Singapore dollar to 2.9778/9830 from 2.9756/9799 on Friday, but higher against the yen at 3.7268/7326 from 3.7318/7383.

It depreciated against the British pound to 5.5386/5473 from 5.5170/5248 on Friday and slipped versus the euro to 4.8372/8445 from 4.8245/8318.

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