SPI Asset Management managing partner Stephen Innes said forex traders remained cautious, particularly with tonight’s US consumer price index (CPI) expected to register on the hotter side, potentially reinforcing the US dollar’s strength.

“The trading community is mainly shifting into a wait-and-see mode, anticipating the specific tariff policies that president-elect Donald Trump’s administration will unveil next week.

“This strategic pause reflects a broader uncertainty over the administration’s forthcoming trade tactics and their potential impact on global currency dynamics,” he told Bernama.

The US PPI rose 0.2% month-on-month in December, mainly driven by a rise in gasoline prices.

Core PPI, however, held flat at 0.2% month-on-month as the prices of services were unchanged.

At 6pm, the ringgit went up to 4.4970/4.5010 against the greenback from yesterday’s close of 4.5035/5100.

At the close, the ringgit was lower against other major currencies.

It fell vis-a-vis the euro to 4.6364/4.6405 from yesterday’s close of 4.6201/4.6268, declined against the British pound to 5.4949/5.4998 from 5.4839/5.4918 yesterday, and fell versus the Japanese yen to 2.8656/2.8685 from 2.8510/2.8553.

The local currency traded mixed against Asean currencies.

It went down slightly against the Thai baht to 12.9503/12.9682 from 12.9500/12.9739 at the previous close but higher vis-a-vis the Indonesian rupiah at 275.4/275.8 from 276.7/277.3 yesterday.

The ringgit also depreciated against the Singapore dollar to 3.2909/3.2943 from 3.2889/3.2939 and was higher against the Philippine peso at 7.67/7.68 from 7.68/7.70.