tags - Sinar Daily

The ringgit snapped its three-day losing streak to open higher against the US dollar in the early session today as the greenback softened following a lower-than-expected US April CPI data released last night.

The ringgit opened higher against a weaker US dollar on Thursday, following the release of the United States (US) inflation data, said an analyst.

An aerial view of the Ramadan Bazaar in ​​Jalan Raja Alang Kampung Baru which looks crowded with visitors buying iftar food in conjunction with the month of Ramadan and the weekend holiday on Saturday Photo source: Bernama

The ringgit has extended its uptrend against the US dollar this morning in anticipation of softer interest rate hikes in the US, after the latest US inflation data showed a declining trend.

Bursa Malaysia rebounded to open higher on Wednesday, taking its positive cue from Wall Street's performance overnight as traders are betting that the aftermath of the recent bank failures in the US may have been averted, said an analyst.

SPI Asset Management managing director Stephen Innes said for now, risks appear skewed towards a hawkish pivot on interest rates by the US Federal Reserve (Fed).

Alan during his speech at the Rasuah Busters Notes to PMX programme aired live on Sinar Harian’s Facebook and Astro Awani on Wednesday. - Photo by Rafeq Redzuan.

The ringgit is likely to trade at the 4.3200-4.3450 level against the US dollar next week with a slightly negative bias as the ringgit is held hostage by external factors. - Photo: 123RF

Sivakumar. - Photo by Bernama