KUALA LUMPUR, Feb 10 — The ringgit ended flat against the US dollar today, trading in a cautious mode ahead of the release of global and domestic economic data which would set the tone for market direction, dealers said.
At 6pm, the local note stood at 4.1825/1840 versus the US dollar from 4.1825/1850 at Wednesday’s close.
Hong Leong Bank Bhd in a note said it remained neutral on the pair today and in the week ahead, expecting a weekly range of 4.17-4.20 amid cautious sentiment as the market monitors the US Consumer Price Index (CPI) data tonight and Malaysia’s fourth-quarter 2021 gross domestic product figures due on Feb 11.
ActivTrades’ Dyogenes Rodrigues Diniz said the sentiment of indecision remained strong on the US dollar on the back of market anticipation ahead of the release of the US CPI data.
“The most recent reading showed inflation at 5.5 per cent, the highest since April 1991, which is partly why the market has been apprehensive lately.
“The Initial Jobless Claims is another macroeconomic element on the radar later in the session as keeping unemployment low is one of the Federal Reserve’s goals,” he said.
Meanwhile, the ringgit was traded mixed against a basket of other major currencies.
It rose vis-a-vis the Japanese yen at 3.6118/6134 from Wednesday’s close of 3.6250/6275 and improved against the British pound to 5.6761/6781 from 5.6765/6799.
The local unit depreciated versus the euro to 4.7865/7882 from 4.7785/7814 on Wednesday and eased against the Singapore dollar to 3.1173/1187 from 3.1148/1169 yesterday.
— Bernama
