Axi chief global market strategist Stephen Innes said the market continues to be very optimistic for global growth recovery in 2021. He said the expectation is that widespread Covid-19 vaccine distribution will provide the ultimate economic kickstart.

However, Innes said there is a primary consensus that there will be a downward trajectory for the US dollar.

At 9am, the local currency improved to 4.0100/0150 versus the greenback compared to Thursday’s close of 4.0200/0250.

The ringgit also began the day trading higher against other major currencies.

It increased against the Singapore dollar to 3.0365/0414 from 3.0395/0444 last Thursday, rose versus the euro to 4.9082/9156 from 4.9358/9427, and appreciated vis-a-vis the Japanese yen to 3.8898/8958 from 3.9018/9078 and edged up against the British pound to 5.4829/4901 from 5.4905/4977.