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Ringgit continues upward momentum against US$ on US-China trade tensions



KUALA LUMPUR: The ringgit continued its upward momentum against the greenback early Monday due to weakening of the dollar as concerns arose in the United States over a second government shutdown and the ongoing US-China trade tension.


As at 9am (0100 GMT) Monday, the local note stood at 4.0630/0660 against Friday's close of 4.0670/0720.


Maybank Kim Eng in a research note Monday said worry of a second government shut down rose after negotiations in the congress over funding for a security wall in US-Mexico border hit a snag.


Negotiations can still get back on track but getting a deal by Friday's deadline seems to have been derailed just as the lawmakers thought they were on track to reach a compromise," it said.


It was reported that China's Vice Premier Liu He will be joining US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in high-level trade talks between the two countries next week.


Back home, the ringgit was traded higher against other major currencies.


It strengthened against the Singapore dollar to 2.9963/9992 from Friday's 2.9988/9029 and inched up against the yen to 3.6994/7031 from 3.7023/7079.


Against the euro, the local unit rose to 4.6005/6056 from 4.6059/6124 and appreciated against the British pound to 5.2559/2614 from 5.2590/2667 on Friday. - Bernama


Read more at https://www.thestar.com.my/business/business-news/2019/02/11/ringgit-continues-upwardmomentum/#Iv7X8ask7kojWJtB.99

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