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Ringgit to trade between 4.13-4.15 against US dollar this week


KUALA LUMPUR, Sept 29 (Bernama) -- The ringgit is likely to trade in a range of between 4.13 and 4.15 against the US dollar following guidance from fluctuations in the greenback along with worries of a prolonged US-China trade war, a dealer said.
 FXTM Currency Strategy & Market Research Global Head Jameel Ahmad said the local currency would not take guidance from Malaysian economic or domestic news over this week.
“I don't think we can underestimate more trade tensions coming into the headlines, so I would favour the resumption of emerging market currency pressure next week.
“Where the US dollar goes from here as we enter the last quarter of 2018 is a very tough one to call,” he said in note.
He said US President Donald Trump’s threat to impose further tariffs on China, as well his warning to exclude Canada from a new North American Free-Trade Agreement (NAFTA) could push the US dollar higher in the near-term over trade tension fears.
Throughout this week, Jameel said it has been a strange week for the ringgit with the local currency struggling for direction quite similarly with other regional counterparts.
“The ringgit has performed resiliently to the latest US interest rate increase and the price of oil rallying to its highest level since 2014.
“But the local note is likely to conclude the week under pressure after confirmation of the US economy expanding above four per cent as it has encouraged a flurry of buying for the greenback on Thursday afternoon,” he said.
On a Friday-to-Friday basis, the ringgit depreciated to 4.1370/1400 against the US dollar from 4.1280/1320.
However, it was higher against other major currencies.
The ringgit increased against the Japanese yen to 3.6472/6501 from 3.6609/6654 previously, and was better against the euro at 4.7969/7007 from 4.8607/8679. 
It strengthened against the Singapore dollar to 3.0232/0263 from 3.0271/0304 and improved against the British pound to 5.3984/3044 from 5.4428/4501. -- Bernama

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