KUALA LUMPUR (Nov 29): The ringgit continued its upward momentum to open higher against the US dollar on Wednesday, as US Treasury yields and dollar indices dropped to their lowest in months, said an analyst.
At 9am, the ringgit had risen to 4.6415/6465 versus the greenback, compared with Tuesday’s close at 4.6690/6725.
SPI Asset Management managing partner Stephen Innes said the US dollar declined, following dovish remarks from US Federal Reserve (Fed) governor Christopher Waller on Tuesday.
Waller reportedly said he is “increasingly confident that policy is currently well positioned to slow the economy, and get inflation back to 2.0%”.
Innes said the dovish lean from a Fed member is a huge confirmation bias for a market that was already positioning for rate cuts next year.
“The yield on the two-year US Treasury, which correlates with Fed funds interest rate expectations, reached…
