Ringgit may rise further on dovish Fed comments

Investors to also monitor scale of Israel-Palestine conflict, says analyst.

KUALA LUMPUR: The ringgit continued its upward momentum to open higher against the greenback today as US Treasury yields slid following dovish comments from Federal Reserve officials, said an analyst.

At the same time, the Israel-Palestine conflict would be closely monitored as market players are anxious about the scale of the conflict, he said. “The risk-off mode would lift sentiment towards the US dollar, leading to a limited upside potential for the ringgit,” he said. At the opening, the ringgit traded lower versus a basket of major currencies, except against the euro where it rose to 5.0083/5.0131 from 5.0095/5.0153 at Tuesday’s close.

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