KUALA LUMPUR: The ringgit opened slightly lower against the US dollar on lack of catalysts, said a dealer.  

At 9am, the local currency traded at 4.0750/0830 compared with Wednesday’s close of 4.0700/0750.

The dealer said the ringgit and other emerging Asian currencies were pressured by the firmer US dollar in line with the declining sentiment about a slowdown in global growth.

“Higher demand for the greenback also propelled by continued signs of a weakening economy in Europe and the market players are expected to shift their focus on the upcoming US-China trade negotiation, which is scheduled to be held in Beijing this week,” he said.

Meanwhile, the ringgit traded mostly higher against a basket of other major currencies.

It declined against the Japanese yen to 3.6941/7024 from Wednesday’s closing of 3.6853/6901, but rose against British pound to 5.3704/3814 from 5.3744/3819.

The local currency strengthened against the Singapore dollar to 3.0049/0111 from 3.0068/0107 and improved versus the euro at 4.5832/5934 from 4.5910/5970 yesterday. – Bernama

The lack of progress in the UK Parliament over Brexit options raised the prospect of a no-deal exit, negatively impacting global sentiment, said Ambank research in a morning note.

This was compounded by disappointing industrial profits data from China althouhgh progress towards a US-China trade deal offers support to the market.

“Thus, we foresee the market to slightly risk on with the MYR trade between our support level of 4.0604 and 4.0646. 

“The resistance will pegged at 4.0770 and 4.0825,” said the research house.