KUALA LUMPUR: The ringgit opened slightly higher against the US dollar as investors squared off their position from holding the greenback ahead of US Federal Reserve chairman Jerome Powell speech at the Jackson Hole later today.
At 9.17 am, the ringgit was marginally higher at 4.1850/1900 against the greenback from Thursday’s close of 4.1880/1910.
The Jackson Hole meeting is an annual symposium of central bankers from around the world, held in the Wyoming mountain village of Jackson Hole.
VM Markets Pte Ltd managing partner Stephen Innes said hopes were riding high on Powell’s speech at Jackson Hole after an agitated August for investors amid deafening recessionary rhetoric and the escalating trade war.
“Traders continued to focus on the Federal Open Market Committee (FOMC) split decision and outside of the aforementioned position squeezes.
“At the end of the day, the FOMC minutes had little bearing on markets general directions with volumes once again unsatisfactory by any standards. Speculative traders have either opted to stay hedged or stay away,” he added.
The ringgit rose against the euro to 4.6357/6429 against Thursday’s close at 4.6407/6449 but declined to the British pound to 5.1245/1311 from 5.0813/0854.
The domestic units strengthened against the yen to 3.9277/9328 from 3.9365/9404 and almost flat against the Singapore dollar at 3.0195/0242 from 3.0197/0221.