Stronger, except where it counts

On September 11 the ringgit gained against most major and regional currencies. The one exception was the US dollar, which is the rate everyone watches.

The number that moved

At 6pm the ringgit slipped to 4.0685/0725 against the greenback, from 4.0630/0670 at Thursday's close. A small move, but the wrong direction.

Oil pushed past US$104

Bank Muamalat chief economist Mohd Afzanizam Abdul Rashid pointed to the sharp climb in crude, driven by the intensifying conflict involving the US, Israel and Iran.

“Heightened geopolitical tensions had pushed Brent crude oil prices higher to around US$104.64 per barrel.”

A Fed hike, priced in

Traders positioning for a US rate increase gave the dollar a floor. That bid is what dragged the ringgit down on this one pair.

“expectations of an interest rate hike by the Fed have also shaped sentiment in the foreign exchange market”

Everyone waits on Washington

Attention now turns to the Fed's rate decision and its fresh projections for growth, inflation, unemployment and the federal funds rate.

Gains across the majors

The ringgit firmed to 4.7178/7225 versus the euro, 2.6400/6428 versus the yen, and 5.4961/5015 versus the pound, better on all three than the day before.

And across Asean

It rose against the Singapore dollar to 3.2091/2125, the Thai baht to 12.3072/3241 and the Indonesian rupiah to 231.0/231.3. Against the Philippine peso it held at 6.49/6.50.