Ringgit opens easier against US dollar

KUALA LUMPUR: The ringgit opened easier against the US dollar today as the greenback was on a bullish testing level, after registering higher US Treasury yields, a dealer said.
At 9am, the local unit was quoted at 3.9190/9220 from 3.9150/9200 at Thursday's close.
Oanda Head of Trading Asia-Pacific, Stephen Innes, said traders should expect the fringes of significant dollar bullish structural levels to get tested.
"Meanwhile, oil prices continue to rise as investors are waking up to the reality of global demand dynamics, suggesting we are in the midst of shifting from a supply overload to a shortage of crude in the years ahead," he told Bernama.
Innes said trade wars were on the back burner, and geopolitical risks were unlikely to abate, so the path of least resistance should be higher for the foreseeable future.
The ringgit traded higher against a basket of major currencies.
The local unit rose against the Singapore dollar to 2.9508/9538 from 2.9512/9554, improved to 5.4533/4594 from 5.4567/6649 vis-a-vis the British pound and advanced to 4.7439/7488 from 4.7669/7742 compared with the euro.
However, it depreciated versus the yen to 3.5855/5893 from 3.5812/5874. — Bernama