KUALA LUMPUR: The ringgit was lower against the US dollar early Monday on anticipation of the local note being weighed down on several fronts, particularly a slowdown in global growth, said OANDA Head of Trading Asia-Pacific, Stephen Innes. Innes said the US Federal Reserve (Fed) is also expected to raise interest rates this week which would continue to support the dollar. “But, the market has priced a lot of hawkishness out of the 2019 and 2020 Fed expectations, so it will remain neutral. “I think the ringgit will struggle to gain traction in this environment, but I don't expect a near-term test of 4.20,” he added. The ringgit, however, improved to 5.2631/2698 against the pound from 5.2635/2710.

Source: The Star December 17, 2018 01:41 UTC