Traders closely monitor the US CPI release and if it meets expectation, it may support the ringgit, says analyst.
KUALA LUMPUR: The ringgit ended higher against the US dollar in the closing session primarily due to traders adopting a cautious stance, showing hesitancy in participating in the market.
“The most noteworthy observation is that US bond yields are holding steady despite a reduction in geopolitical risk, indicating that the market believes the Fed has completed its interest rate hikes. At 6.02pm, the local note rose to 4.7090/4.7140 against the greenback from yesterday’s close of 4.7145/4.7180.It depreciated against the euro to 5.0005/5.0058 from 4.9983/5.0020 and went down against the British pound to 5.7925/5.7987 from 5.7918/5.7961 at yesterday’s close.The local note was traded mixed against other Asean currencies.
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