Ringgit Edges Up Ahead of Key Central Bank Meetings
The Malaysian ringgit has opened higher against the US dollar on September 15, amid cautious sentiment ahead of key central bank meetings this week.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said market attention is focused on the Federal Open Market Committee (FOMC) meeting and the Bank of Japan's policy decision. He expects a 25-basis-point hike from the US Federal Reserve, based on movements in the bond market.
According to Mohd Afzanizam, auctions of three- and six-month US Treasury bills saw yields rise to 3.97% and 4.06%, respectively. Brent crude was trading around $105.68 per barrel, with Saudi Arabia's major East-West pipeline expected to take weeks to return to operation.
The ringgit traded mixed against a basket of major currencies, appreciating against the euro but weakening against the yen and British pound.