KUALA LUMPUR: The ringgit maintained its good run to open higher against the US dollar this morning, helped by poor reception to the US’ pending home sales data.
The better-than-expected numbers failed to improve sentiment for the US property market.
At 9.22am, the local currency was pegged at 4.4830/4.4860 against the greenback from yesterday’s close of 4.4840/4.4870.
ActivTrades trader Dyogenes Rodrigues Diniz said the readings for the US’ pending home sales indicator have remained below zero since November 2021, signalling a slowdown in the US real estate sector.
“From the technical viewpoint, this could be a signal to a possible retracement as the US dollar-ringgit is in an all-time high region. A break below 4.4730 could make room for a drop to 4.4570 first and then 4.4050,” he said in a note today.
Meanwhile, the ringgit was traded mostly lower against a basket of major currencies.
The local note depreciated against the euro to 4.4763/4.4793 from 4.4593/4.4623 at yesterday’s close, slipped against the Singapore dollar to 3.2212/3.2239 from 3.2169/3.2195 yesterday and eased against the British pound to 5.2958/5.2993 from 5.2916/5.2951 previously.
However, it appreciated vis-a-vis the Japanese yen to 3.2761/3.2785 from 3.2847/3.2872 yesterday.