THE ringgit opened higher against the US dollar after the greenback traded on a see saw trajectory following renewed stimulus hopes in the US.
At 9am today, the local currency was traded at 4.1510/1560 versus the greenback compared with 4.1550/1600 at yesterday’s closing.
President Donald Trump tweeted yesterday that he is ready to sign a Stand Alone Bill for Stimulus Cheques of US$1,200 (approx. RM4987.80).
Ambank Research noted that the ringgit is expected to trade between its support levels of between 4.1378 and 4.1443, while, resistance is pinned at between 4.1691 and 4.1779.
Meanwhile, AxiCorp chief global market strategist Stephen Innes said traders are monitoring the market following the resurgence of Covid-19 cases, which has prompted some tightening of current social mobility rules around safer health practices.
“We could see another lackluster session with the Golden Week holiday in China and quiet trading in general as traders are content to sit on their hands this week and watch the US presidential election chaos unfolds,” he said. – Oct 8, 2020
