Sharp increase in US Treasury yields indicate inflation premium remains elevated, economist says.
KUALA LUMPUR: The ringgit opened marginally higher against the US dollar today as global investors digest market news that sends mixed signals as to the US Federal Reserve’s next course of action, said Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid.
“The US Dollar Index continued to head north as the Fed appears to be the outlier in respect to the pace of interest rate hike as other central banks seem to have reached their terminal rates,” he told Bernama. Afzanizam also said that the sharp increase of the 10-year US Treasury yield which is up 12 basis points to 4.8% had indicated that inflation premium remains elevated.At 9am, the local note rose to 4.7200/4.7250 against the greenback from yesterday’s close of 4.7215/4.7255.The local currency rose against the euro to 4.9409/4.9461 from 4.9500/4.9542 yesterday and appreciated vis-a-vis the British pound to 5.6999/5.7059 from 5.7031/5.7079.
It rose against the Singapore dollar to 3.4352/3.4394 from 3.4366/3.4400 yesterday, increased versus the Thai baht to 12.7224/12.7417 from 12.7381/12.7540 yesterday, and firmed vis-a-vis the Indonesian rupiah to 302.9/303.4 from 303.0/303.4 previously. However, the local note was flat against the Philippine peso at 8.30/8.32 compared with yesterday’s closing of 8.30/8.31.
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