KUALA LUMPUR, July 16 — The ringgit off to a slow start on Thursday session as the Asian markets are waiting for China retail sales and industrial data, a dealer said.
As at 9am, the local unit eased to 4.2625/2685 against the greenback from 4.2600/2640 recorded at yesterday’s close.
AxiCorp chief global market strategist Stephen Innes said that currencies in Asia are trading flat although risk sentiment remained quite positive with the US stocks trading higher and oil prices stabilising at supportive levels.
“For today, the ringgit will take its cue from the Chinese renminbi reaction to the Chinese economic data due today,” he told Bernama.
The oil price was trading higher nearly two per cent yesterday following the Organisation of the Petroleum Exporting Countries (Opec) agreement to taper the production cuts.
Nevertheless, at press time, Brent crude stood at US$43.65 per barrel, down by 0.32 per cent.
Meanwhile, AmBank Group in its research note today expect the local note to trade between its support level of 4.2545 and 4.2588 while resistance is pinned at 4.2672 and 4.2719.
It said the focus of the day will be on the European Central Bank monetary policy committee (MPC) meeting and Bank of Indonesia’s MPC meeting.
Against a basket of currencies, the ringgit was traded mostly higher except with the yen, where it fell to 3.9848/9907 from 3.9835/9877.
Against the Singapore dollar, the ringgit moved slightly higher at 3.0654/0715 from 3.0661/0694.
Vis-a-vis the British pound, the domestic unit increased to 5.3588/3668 from 5.3680/3748 and appreciated to 4.8644/8729 from 4.8675/8729 when compared with the euro. — Bernama
