Greenback eases amid growing concerns on Federal Reserve’s direction and China’s economy.
KUALA LUMPUR: The ringgit opened higher against the US dollar today after the greenback had eased amidst growing concerns about the Federal Reserve’s direction and China’s economy, said analysts.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the divergence in monetary policy stance between the Fed and the People’s Bank of China would favour the US dollar in the near term. July’s trade number would also be announced today, with exports and imports expected to fall by 11.1% and 15.4%, respectively.
Meanwhile, ActivTrades trader Dyogenes Rodrigues Diniz said if the USD/MYR slips below 4.6350, the pair could drop to as low as 4.5750.
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