KUALA LUMPUR, Oct 15 — The ringgit ended lower today as the markets brace for risk of deteriorating US-China trade negotiations.
At 6pm, the ringgit was quoted at 4.1890/1920 against the greenback compared with yesterday’s close of 4.1860/1900.
FXTM market analyst Han Tan said this was in line with other Asian currencies as the post-trade truce is threading on thin ice.
“Investors are now weighing up their next step after the news of a very substantial phase one deal, as touted by US President Donald Trump.
“However, China has not share the same optimism over an imminent trade agreement, with potentially more trade talks slated for the end of October,” he told Bernama.
As for oil benchmark Brent Crude, he said that the the oil price only managed to stay above US$60 (RM251) per barrel for a short moment with futures declining 2.9 per cent so far this week.
“The prices remained primarily swayed by the shifting sands of the US-China trade tensions, which have already prompted multiple downward revisions to global growth and demand for oil,” he said.
As at 6pm, Brent Crude was at US$58.37 per barrel.
Meanwhile, Ambank, in a research note today, said the ringgit is projected to trade between the support level of 4.1720 and 4.1785, while the resistance is pegged at 4.1942 and 4.2007.
Against a basket of other currencies, the ringgit was traded mixed.
It weakened against the Singapore dollar to 3.0559/0585 from 3.0557/0597 at yesterday’s close and declined against British pound to 5.2962/2020 from 5.2259/2618 yesterday.
Vis-a-vis, the ringgit strengthened against the yen to 3.8680/8714 from 3.8702/8746 and rose against the euro to 4.6129/6175 from 4.6197/6258 at yesterday’s close. — Bernama
