KUALA LUMPUR, August 23 – Ringgit opened slightly higher against the US dollar as investors squared their position from holding the greenback ahead US Federal Reserve Chairman Jerome Powell at Jackson Hole later today.
Kl. At 09.17, the ringgit was marginally higher on 4.1850 / 1900 against the greenback from yesterday's close on 4.1880 / 1910.
The Jackson Hole meeting is an annual symposium of central bankers from around the world, held in the Wyoming mountain village of Jackson Hole.
World Cup Markets Pte Ltd's managing partner Stephen Innes said that hope rises high on Powell's speech at Jackson Hole following an agitated August for investors amid deafening recession rhetoric and the escalating trade war.
"Traders continued to focus on the Federal Open Market Committee (FOMC) sharing the decision and outside the aforementioned position being pressed.
“At the end of the day, the FOMC minutes had little significance for the market's general directions with volume again satisfactory by some standards. Speculative traders have either opted to stay secured or stay away, "he added.
Ringgit rose against the euro to 4.6357 / 6429 against yesterday's close on 4.6407 / 6449, but declined to the British pound to 5.1245 / 1311 from 5.0813 / 0854.
Domestic units strengthened against the yen to 3.9277 / 9328 from 3.9365 / 9404 and almost flat against the Singapore dollar at 3.0195 / 0242 from 3.0197 / 0221. – Bernama