KUALA LUMPUR, Nov 9 — The ringgit extended its gains versus the US dollar at the opening today on subdued buying support for the greenback, despite the United States ’ better economic data. ActivTrades trader Dyogenes Rodrigues Diniz said the US dollar remained stuck within small lateralisation, but noted the possibility of a major bullish movement for the currency.
He said the main point of interest is the resistance level of 4.1650 on Oct 20, 2021, adding that a break above that level could push the US$-MYR to 4.1930 in a matter of days. “The strong economic data from the US failed to boost the dollar, and the tone adopted by US Federal Reserve chairman Jay Powell has changed a little, but is still conciliatory overall and is reassuring the market about US monetary policy.
“The market’s main fear is that the changes in terms of monetary policy would be abrupt, but the Fed has done a good job in signalling its future intentions, therefore the US dollar-ringgit remains without a defined direction,” he told Bernama. The local note eased vis-a-vis the British pound to 5.6268/6309 from 5.5991/6024 at Monday’s close and slightly fell against the Singapore dollar at 3.0792/0842 from 3.0765/0786.
It had also depreciated against the euro to 4.8067/8102 from 4.8000/8029 and declined against the Japanese yen to 3.6662/6688 from 3.6606/6628 previously. — Bernama
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