Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the scenario could drive the US Federal Reserve (Fed) to consider a cut of about 50 basis points next week.
He also attributed the weaker ringgit performance to the US Dollar Index’s (DXY) rise to 101.482 points.
Afzanizam said market sentiments appear to be guarded after the release of the August US Non-Farm Payrolls (NFP) data last week which missed the consensus estimates of 165,000 (new jobs) as the number stood at 142,000.
“Japan’s gross domestic product growth for the second quarter of 2024 also came in lower than expected at 2.9% versus the consensus estimates of 3.2%.
he told Bernama.Meanwhile, China’s consumer price index for August rose 0.6%, lower than the consensus estimates of 0.7%,
At 6pm, the local note depreciated to 4.3700/4.3745 versus the greenback from last Friday’s close of 4.3275/4.3330.
At the close of trading, the ringgit traded lower against a basket of major currencies.
It dropped versus the euro to 4.8310/4.8360 from 4.8087/4.8148 at last Friday’s close, eased against the British pound to 5.7195/5.7253 from 5.7010/5.7083 previously, and fell vis-a-vis the Japanese yen to 3.0449/3.0482 from 3.0296/3.0337.
The ringgit traded mixed against Asean currencies.
It strengthened versus the Thai baht to 12.8666/12.8851 from 12.9087/12.9305 last Friday but slipped against the Indonesian rupiah to 282.6/283.1 from 281.3/281.9 previously, and edged down vis-a-vis the Singapore dollar to 3.3453/3.3490 from 3.3327/3.3372.
The local note was flat against the Philippine peso at 7.74/7.75. - FMT
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.