Tuesday, 11 Aug 2020 06:45 PM MYT
KUALA LUMPUR, Aug 11 — The ringgit reversed yesterday’s losses to finish marginally higher against the US dollar, driven by firmer crude oil prices. AxiCorp chief global market strategist Stephen Innes said the de-escalation in the US-China trade war risk, coupled with improving Covid-19 news flow, provided a positive tailwind for crude oil prices to move higher.At the time of writing, benchmark Brent crude oil rose 0.89 per cent to US$45.39 per barrel.
“The US dollar is around 0.10 to 0.20 per cent lower versus the Chinese yuan, Thai baht, Singapore dollar, the ringgit and Indonesian rupiah today,” he said, adding that the rally, though, appears a minor range-trading one, rather than the start of a new leg lower for the greenback.
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