The Malaysian ringgit is on a retreat in line with oil prices shedding some of the previous big gains. — Picture by Ahmad Zamzahuri
The tensions in the Middle East have escalated after drone attacks on two major oil facilities in Saudi Arabia.At 9am, the ringgit slipped to 4.1710/1750 versus the greenback from 4.1630/1660 on Friday.Oanda senior market analyst, Asia Pacific Jeffrey Halley said the market would be focusing on the glut of oil headlines overnight coupled with the Federal Open Market Committee two-day meeting which begins today.
On the local front, Bank Negara Malaysia maintained the Overnight Policy Rate at 3.00 per cent at its Monetary Policy Committee last week, saying the global economy is expanding at a more modest pace amid slower growth in most major advanced and emerging economies.
Source: Financial Digest (financialdigest.net)
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