MMFS: Your segmented signals investment advisory firm

Tuesday, 20 March 2018

Among rate hikes in 2018 market starting to price in a close call, emerging market and commodity currency continue to under-perform in a risk-averse environment.

Malaysia: The ringgit rebounded to open higher against the US dollar today ahead of the US Federal Open Market Committee later today.
At 9.05 am, the local note was quoted at 3.9100/9130 from Monday’s close of 3.9160/9190.
OANDA Head of Trading Asia-Pacific, Stephen Innes said the emerging market and commodity currency continue to underperform in a risk-averse environment.
“But with market starting to price in a close call on the US Federal Reserve (Fed) to shift to four rate hikes in 2018, it has been paring back short US dollar/ringgit and Asian currencies positions, so the ringgit continues to struggle in this environment,” he said in a note today.
Innes said the prospect of a faster pace of Fed policy normalisation and a risk-averse market provides a toxic backdrop for near-term ringgit sentiment.
Meanwhile, the ringgit traded mostly lower against a basket of emerging currencies.
It eased against the euro at 4.8261/8302 against Monday’s 4.8096/8137 and slid against the British pound at 5.4881/4927 from 5.4718/4768.
Against the Singapore dollar, it slightly depreciated to 2.9718/9748 from 2.9712/9746, but strengthened against the Japanese yen to 3.6849/6880 from 3.6936/6975.

Advisory In Malaysia :
To Get more Updates : Forex Signal MalaysiaDaily Forex Signals

3 days free trial  
For More Visit Us:
Tel- +65-3158-2180 Email-

No comments:

Post a Comment