The ringgit started trading slightly higher on Monday against the US dollar amid fresh optimism about the prospects of a September US Federal Reserve rate cut. — Reuters picKUALA LUMPUR, May 20 — The ringgit started trading slightly higher on Monday against the US dollar amid fresh optimism about the prospects of a September US Federal Reserve rate cut.
“Perhaps we could find more evidence in the minutes that say the rate hike option is not in their scenario, thereby lending support for a status quo and possible shift in monetary stance at some point as the disinflationary trend continues, he said.Nevertheless, he expects the ringgit to linger around a resistance level of 4.6870 as technical indicators point to an overbought position.
The local unit was lower against the euro to 5.0939/0977 from 5.0816/0843 and depreciated vis-a-vis the British pound at 5.9503/9547 from 5.9303/9335 previously.