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Malaysian Ringgit Weakens Amid Stronger US Dollar
Developing
In Short: The Malaysian Ringgit weakened on Thursday as the US Dollar strengthened and US Treasury yields rose, with some relief seen as the Dollar and yields retreated.
The Malaysian Ringgit weakened during Thursday's Asian session, with the USD/MYR briefly trading above 4.10 as the US Dollar strengthened and US Treasury yields rose following the Federal Open Market Committee (FOMC) meeting.
Christopher Wong from OCBC noted that some pressure on the Ringgit eased as the Dollar and yields retreated, along with a pullback in oil prices.
Wong expects cautious trading in the MYR if US yields and the Dollar rise again, but sees potential for the recent weakness to reverse as post-FOMC moves settle and domestic fundamentals remain supportive.
Meanwhile, the AUD/USD pair traded with a positive bias for the second consecutive day, holding above 0.7100 in the Asian session on Friday, as softer US bond yields kept US Dollar bulls on the back foot.
Background
In Gujarat, the BJP's control over sugar cooperatives is facing challenges, with recent elections seeing a rise in political interference and the loss of key positions to rebel candidates.
What's still developing
- Nothing material beyond the confirmed record.