This was followed by the US administration seeking ways to reduce the 10-year US Treasury yield rather than bringing down the Fed Funds Rate.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid also believed that risk appetite among traders and investors remained guarded in light of the US tariff and geopolitical measures, especially concerning Gaza, where US president Donald Trump mentioned his desire to take over Palestinian soil.

“How this would translate into global peace remains unsure, but it certainly would elevate the geopolitical temperature in the Middle East,” he added.

Meanwhile, the ringgit was traded mostly higher against other major currencies.

At 6pm, the ringgit eased to 4.4320/4.4385 against the US dollar from yesterday’s close of 4.4200/4.4260.

It fell against the Japanese yen to 2.9036/2.9080 from 2.8930/2.8972 yesterday, rose against the euro to 4.5920/4.5987 from 4.5990/4.6053, and appreciated against the British pound to 5.5090/5.5171 from 5.5321/5.5396.

The local currency was mixed against Asean currencies.

It was slightly higher against the Singapore dollar to 3.2742/3.2793 from 3.2746/3.2792 and increased against the Thai baht to 13.1175/13.1433 from 13.1602/13.1844.

The ringgit was little changed against the Indonesian rupiah at 271.2/271.7 from 271.2/271.8 and fell against the Philippine peso to 7.62/7.63 from yesterday’s close of 7.61/7.63.