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Ringgit ends higher on positive investor sentiment

KUALA LUMPUR, July 18 — The ringgit regained strength to end higher against the US dollar today amid political turmoil in the United States and as investors shifted interest towards emerging currencies, dealers said.

At 6pm, the local unit stood at 4.2840/2860 against the greenback compared with Monday's close of 4.2860/2890.

FXTM Chief Market Strategist, Hussein Sayed said the US political turmoil took center stage once again on Tuesday after two Republican Senators, Mike Lee and Jerry Morgan, announced their opposition to replacing Obamacare.

“This suggests that the Better Care Reconciliation Act is dead for now,” he added.

Sayed said it seems markets are losing confidence over President Donald Trump being able to deliver on his promised plans.

He added that with tax reforms now likely to face huge uncertainties and economic data signalling a slowing economy, it will only be a matter of time before US corporate earnings take a U-turn, thus ending the equities rally.

The ringgit traded mostly lower against other currencies.

It declined against the Singapore dollar to 3.1359/1385 from 3.1310/1343 on Monday and eased against the yen to 3.8175/8203 from 3.8108/8138. 

Meanwhile, the local note improved against the pound to 5.5885/5915 from 5.6039/6092, but slid against the euro to 4.9480/9520 from 4.9113/9152. — Bernama

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