KUALA LUMPUR: The ringgit retreated versus the US dollar today on technical correction after three consecutive days of gains amid mixed overnight greenback performance.
At 9.06am, the local note weakened marginally to 4.7100/4.7150 against the US dollar from yesterday’s close of 4.6885/4.6950.
SPI Asset Management managing director Stephen Innes said it was not a surprise that the local note pulled back after a significant rally against the greenback yesterday.
This retreat was also in anticipation of the release of the US consumer price index (CPI) data later today.
Innes said the US dollar was choppy in its overnight performance, but the direction turned higher ahead of US CPI print as weaker China data sent growth fears reverberating through G-10 forex exchange markets.
He also believes that the ringgit was piggybacking the Thai baht as it was more robust with substantial foreign investment flows likely due to travel sector optimism.
This is an optimistic signal that money is coming back into the region, and will be challenging for neighbours to ignore as both currencies are sensitive to tourism flows.
“For today, however, excess risk-taking is likely to be pared back. I expect to see the ringgit rally materially ahead of the US CPI print,” Innes told Bernama.
The ringgit traded mostly lower against a basket of major currencies, except against the British pound, it was marginally higher at 5.3628/5.3685 from 5.3651/5.3725 yesterday.
It declined against the Singapore dollar to 3.3614/3.3655 from 3.3513/3.3562 previously and fell vis-a-vis the Japanese yen to 3.2225/3.2261 from 3.2159/3.2208 yesterday.
The local currency also slipped against the euro to 4.7227/4.7277 from 4.7101/4.7177 at yesterday’s close.
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