KUALA LUMPUR: The ringgit opened almost unchanged with a downward bias against the US dollar, with traders keeping an eye on the outcome of the two-day Federal Open Market Committee meeting scheduled to end later today.
Axi chief global market strategist Stephen Innes said the ringgit remained deterred by a strong US dollar, higher US Treasury yields, the possibility of the US economy outperforming expectations, as well as expectations that higher US yields would become more pronounced in the second quarter. Still, Innes said it is probably a good idea not to lose sight of Asia’s growth acceleration via the global trade revival.
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