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Malaysian Ringgit Weakens Amid Firmer US Dollar
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In Short: Christopher Wong at OCBC says the Malaysian Ringgit weakened due to a stronger US Dollar and higher US Treasury yields, though some pressure eased later.
Christopher Wong at OCBC notes that the Malaysian Ringgit weakened during Thursday’s Asian session, driven by a firmer US Dollar and higher US Treasury yields following the Federal Open Market Committee (FOMC) meeting. The USD/MYR briefly traded above 4.10, though the move was orderly.
Wong observes that some pressure eased overnight as the US Dollar and US Treasury yields retreated from their highs. Additionally, oil prices also pulled back, contributing to a slight easing of the Ringgit’s weakening.
According to Wong, the move above 4.10 was orderly and did not indicate any specific stress in the Malaysian market. He highlights that the easing of pressure came as the Dollar and yields retreated.
Wong’s analysis underscores the external factors influencing the Malaysian Ringgit, with the US Dollar and Treasury yields playing a significant role in its recent performance.
What's still developing
- The content includes notes by commercial as well as additional insights by internal and external analysts.
Sources
- FXStreetlink