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Ringgit ends higher against US dollar for second day running | Malay Mail

Ringgit ends higher against US dollar for second day running | Malay Mail

16/12/2020 2:52:00 PM

Ringgit ends higher against US dollar for second day running | Malay Mail

KUALA LUMPUR, Dec 16 — The ringgit closed higher against the US dollar for a second consecutive day as investors are more than happy to ride the vaccine and stimulus waves into year-end supported by what is expected to be a dovish US Federal Reserve (Fed) retort at the end of its meeting today....

Wednesday, 16 Dec 2020 07:16 PM MYTAt 6pm, the ringgit closed at 4.0490/0540 versus the greenback compared with 4.0530/0560 at the close yesterday. — AFP picKUALA LUMPUR, Dec 16 — The ringgit closed higher against the US dollar for a second consecutive day as investors are more than happy to ride the vaccine and stimulus waves into year-end supported by what is expected to be a dovish US Federal Reserve (Fed) retort at the end of its meeting today.

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At 6pm, the ringgit closed at 4.0490/0540 versus the greenback compared with 4.0530/0560 at the close yesterday.Axi chief global market strategist Stephen Innes said the risk-reward for staying overly long US dollars into the key year-end Federal Open Market Committee (FOMC) meeting could be negative, hence the dollar should be less attractive heading into tonight’s meeting.

The two-day FOMC meeting is held on December 15-16.The market is pessimistic on the outcome of the FOMC meeting, while the bond market could have a bumpy reaction depending on what the central bank says about its bond buying programme.The Fed will release its statement at 2pm, and Fed Chairman Jerome Powell will hold a briefing at 2.30pm (US Eastern Standard Time). headtopics.com

Meanwhile, the ringgit traded easier against all other major currencies.It slipped against the Singapore dollar to 3.0469/0518 from 3.0369/0396 at yesterday’s close and declined against the British pound to 5.4722/4806 from 5.3966/4026 yesterday.The ringgit fell against the euro to 4.9418/9487 from 4.9272/9321 yesterday and depreciated against the Japanese yen to 3.9197/9253 from 3.8949/8989 previously. — Bernama

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