KUALA LUMPUR 12 OCTOBER 2022 – The ringgit began flat versus the US dollar this morning as investors await fresh market triggers ahead of the Federal Open Market Committee (FOMC) meeting minutes from the United States (US), according to a dealer.
The local currency was trading at 4.6720/6760 versus the US dollar at 9 a.m., up from 4.6720/6745 at the closing on Tuesday.
According to ActivTrades trader Dyogenes Rodrigues Diniz, the FOMC meeting minutes will give indication on the US Federal Reserve’s next monetary policy move.
In a note issued today, he stated that the US Producer Price Index (PPI) data, which is set to be released tomorrow, may provide more insight on the speed of inflation in the US.
“Technically, the US dollar/ringgit is now at a crucial resistance level; there are signals that purchasing demand is waning and a bearish downturn might begin shortly,” he said.
Meanwhile, the ringgit traded increased mainly versus a basket of major currencies. The local currency rose against the British pound to 5.1261/1305 from 5.1607/1635 at the closing on Tuesday, against the Singapore dollar to 3.2469/2502 from 3.2472/2491, and against the Japanese yen to 3.1976/2005 from 3.2059/2079.
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