KUALA LUMPUR: The ringgit opened higher against the US dollar today as the procession of good news weighs on the safe-haven US dollar, with market players anticipating that the worst of Covid-19’s economic slowdown is behind Asia and the developed world.
“Yesterday, both contracts have edged higher again following impressive manufacturing PMI’s from China and the rest of the Asian region.“Assuming no surprise headlines emerge to derail the rally, Brent crude looks set to advance on the US$40 a barrel region,” he said, adding that oil consumption seems set to increase in the near-term with PMI data suggesting a manufacturing recovery and lockdowns ending across the world.
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