Ringgit on strong footing versus US dollar in early session

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KUALA LUMPUR (Aug 25): The ringgit continued to remain higher against the US dollar on Thursday morning (Aug 25), following the release of US pending home sales data, which remained in negative territory despite a better-than-expected reading, a dealer said.

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At 9.22am, the local currency was pegged at 4.4830/4860 against the greenback, from Wednesday’s close at 4.4840/4870.

ActivTrades trader Dyogenes Rodrigues Diniz said readings of the US pending home sales indicator had remained below zero since November 2021, signalling a slowdown in the US real estate sector.

“From the technical viewpoint, this could be a signal to a possible retracement, as the US dollar/ringgit [pair] is in an all-time high region. A break below 4.4730 could make room for a drop to 4.4570 first and then 4.4050,” he said in a note on Thursday.

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Meanwhile, the ringgit was traded mostly lower against a basket of major currencies.

The local note depreciated against the euro to 4.4763/4793 from 4.4593/4623 at Wednesday’s close, slipped against the Singapore dollar to 3.2212/2239 from 3.2169/2195, and eased against the pound to 5.2958/2993 from 5.2916/2951 previously.

However, it appreciated vis-a-vis the yen to 3.2761/2785 from 3.2847/2872.-BERNAMA


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