![Free Malaysia Today](https://www.freemalaysiatoday.com/_next/image/?url=https%3A%2F%2Fmedia.freemalaysiatoday.com%2Fwp-content%2Fuploads%2F2024%2F08%2Fb1d37e3d-ringgit-exchange-week-2-270824-01.webp&w=3840&q=75)
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the US Federal Reserve is guiding the market to ensure an orderly functioning of the money and capital markets.
“What matters now is the rate cut (as it) is a means to ensure that economic growth can be stabilised and weaknesses in the labour market restored.
“So, the soft landing in the US growth is generally the widely accepted scenario.
he told Bernama.On that note, traders and investors are observing this space closely,
Meanwhile, a dealer said it is almost a given that the Federal Open Market Committee meeting on Sept 17-18 will see the Fed commencing its monetary easing after Fed chairman Jerome Powell indicated a monetary policy shift during last Friday’s Jackson Hole Symposium.
he added.This rate cut is a significant catalyst as it may lower US bond yields and weaken the US dollar, potentially leading to a substantial inflow of foreign capital into emerging markets,
At 6pm, the ringgit advanced to 4.3460/4.3500 against the greenback versus yesterday’s close of 4.3470/4.3505.
At the close, the ringgit was mostly higher against a basket of major currencies.
The local currency rose against the Japanese yen to 3.0006/3.0035 from 3.0188/3.0214 yesterday, improved vis-a-vis the euro to 4.8532/4.8576 from 4.8565/4.8604 but weakened against the British pound to 5.7511/5.7564 from 5.7324/5.7370 previously.
At the same time, the local note traded better against Asean currencies.
The ringgit gained against the Singapore dollar to 3.3331/3.3364 from 3.3367/3.3396 at yesterday’s close and rose versus the Indonesian rupiah to 280.4/280.8 from 281.5/281.8.
It also improved vis-a-vis the Thai baht to 12.7523/12.7712 from 12.7891/12.8050 and was better against the Philippine peso at 7.72/7.73 compared to 7.75/7.77 previously. - FMT
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.