Ringgit flat against US dollar in early session

KUALA LUMPUR: The ringgit was flat against the US dollar in early session today as traders remained on the sidelines to monitor the market’s development throughout the day.

As at 9.09am, the ringgit was at 4.1020/1050 against the US dollar from 4.1020/1060 at yesterday’s close.

A dealer said traders were monitoring the external economic conditions before making their next investment move.

“While the global economy has removed a major uncertainty with the easing of trade tensions between the United States and China, the crisis between the US and Iran is making the current global business conditions fragile.

“Meanwhile, there is a lack of fresh leads on the local front,” he added.

However, OANDA senior market analyst for Asia Pacific, Jeffrey Halley said regional currencies would continue to struggle against the US dollar as fast money heads out the door and the Iranian situation evaporates confidence in the global recovery trade.

Throughout the week, investors would likely continue to move into cash, gold and US bonds, he said.

Against a basket of major currencies, the ringgit was traded mixed.

It fell against the Singapore dollar to 3.0399/0432 from 3.0396/0428 and declined against the British pound to 5.4036/4079 from 5.3908/3977.

The local note was higher against the Japanese yen to 3.7841/7879 from 3.7989/8033 and rose against the euro to 4.5905/5943 from 4.5910/5971.