Ringgit opens higher ahead of GDP release

KUALA LUMPUR: The ringgit rebounded at opening today on technical correction ahead of the third-quarter gross domestic product (GDP) announcement.

At 9am, the ringgit was quoted at 4.1470/1500 versus the US dollar against 4.1560/1590 yesterday.

Axi Trader Asia-Pacific market strategist Stephen Innes said traders would now look to Malaysia’s GDP report for monetary policy clues.

“But with the market singularly focused on the trade talks, the GDP report may need to exceed expectations to get a significant rise from the ringgit bulls,” he said in a statement today.

The local note was mixed against other major currencies.

The ringgit rose against the Singapore dollar to 3.0468/0501 from yesterday’s close of 3.0492/0532 and appreciated against the yen to 3.8186/8217 from 3.8269/8300.

However, it eased against the British pound to 5.3430/3473 from 5.3396/3451 and declined versus the euro to 4.5725/5762 from 4.5716/5757.