kuala lumpur: After the US (US) reported weaker economic data, the ringgits were more open to the US dollar, leaving the US Federal Reserve fee reduction case and the prospects for Fed fund rate reductions remained unchanged. The analyst said.
At 8am, the ringgits were bolstered to 4.4150/4300 against the greenback, compared to the 4.4200/4260 ending on Wednesday.
“The Ringgit can test today’s RM4.40 levels in light of improving market conditions,” Dr Mohd Afzanizam Abdul Rashid, chief economist, BHD, Muamarat Malaysia, told Bernama today. I did.
He noted that last month, the US Dollar Index (DXY) slipped 107.62 points from 0.31% as business sentiment softened in the services sector.
“At the same time, the US Treasury yields for two and ten years fell 3.0 and 9.0 basis points to 4.19 and 4.42 percent, respectively, suggesting that the outlook for a reduction in the Fed fund rate remains intact. “I’m here.”
He added that the Institute for Supply Management (ISM) index for the Non-Manufacturing Sector was 52.8 points in January. This is below the consensus estimate of 54.2 points, and further strengthened the Fed’s interest rate cuts over the course of this year.
“Sub-indexes such as prices and new orders also suggest that inflation is low as well as easing economic activity,” he said.
He also said that a month’s delay in customs hikes in Canada and Mexico has also helped ease fears of sudden price increases.
Ringgits, meanwhile, were trading more than most against other major currencies.
Thanks to 4.5912/6068 against the euro from 4.5990/6053 at the end of Wednesday, I visited British pound yesterday from 5.5321/5396 to 5.5321/5396, but against Japanese Yen from 2.8930/8972 It was relaxed to 2.8941/9042. Previously.
Local memos were also higher than ASEAN currency.
At the end of yesterday, he went up to 3.2738/2854 against the Singapore Dollar from 3.2746/2792, moving on to 13.1461/2038 against the Thai baht.
The Ringgits have been tightened against Indonesian rupiah from 271.2/271.8 to 270.9/272.0 at Wednesday’s closing price, culling at 7.60/7.64 against the Philippine peso from the previous 7.61/7.63.
