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Monday, 16 April 2018

Ringgit appeal while risk sentiment remained fragile & prospects of trade and tariff; Asia continued lower against the US dollar.

Malaysia: The ringgit opened lower against the US dollar today as the greenback received some boost following the launch of military strikes on Syria over the weekend.
At 9.02 am, the ringgit was quoted at 3.8800/8850 compared with Friday’s close of 3.8785/8815.
The US and European allies launched airstrikes against Syrian research, storage and military targets in the early hours of Saturday morning to punish the Bashar al-Assad regime for a suspected chemical weapons attack.
Head of trading in Asia-Pacific at OANDA Stephen Innes said while risk sentiment remained fragile and the prospects of trade and tariff war reconciliation improving, Asia continued to trade in a disorderly fashion.
“Much of the ringgit appeal comes from its undervalued call, and this should continue to gain interest among investors.
“But with Bank Negara likely to stay neutral the remainder of the year in the wake of tepid inflation readings, it will be up to the US dollar to do the heavy lifting for the ringgit reach the 3.80 level,” he said.
Innes said inflows ahead of the 14th general election remained tepid, hence, the local note should remain confined to the upper end of its recent trading ranges.
The ringgit was traded mostly lower against a basket of major currencies, except with the British pound, whereby it rose to 5.5337/5412 from 5.5393/5451.
It eased against the Singapore dollar to 2.9584/9625 from 2.9573/9603 and depreciated against the yen to 3.6103/6160 from 3.6042/6080.
The ringgit declined against euro to 4.7875/7945 from 4.7837/7878 previously.

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