SPI Asset Management managing partner Stephen Innes said the ringgit fluctuated throughout the day but ended slightly weaker as markets braced for a pivotal week of central bank meetings.
“The focal point of global attention remains on the US Federal Reserve (Fed), enveloped in a cloud of uncertainty.
“Within the Fed, opinions are split. Some policymakers question the wisdom of further rate cuts, while others remain sceptical about the benefits of the rate reductions undertaken so far,” he told Bernama.
Given the market’s expectations, Innes said a conservative 25 basis point cut seems the most straightforward path for the Fed.
“The forthcoming economic projections are expected to paint a picture of caution, potentially indicating a slowdown in the pace of future rate reductions,” he added.
At 6pm, the local currency eased to 4.4645/4.4690 versus the greenback from yesterday’s close of 4.4500/4.4550.
The ringgit traded lower against other major currencies.
It receded versus the British pound to 5.6646/5.6703 from 5.6301/5.6365, fell against the euro to 4.6815/4.6862 from 4.6743/4.6795, and diminished against the Japanese yen to 2.9028/2.9059 from 2.8930/2.8964 previously.
The ringgit traded mixed against Asean currencies.
It decreased against the Singapore dollar to 3.3048/3.3087 from 3.2992/3.3032 but went up versus the Thai baht to 13.0236/13.0440 from 13.0575/13.0795, and improved against the Indonesian rupiah to 277.2/277.6 from 278.0/278.5 yesterday.
Meanwhile, the local note was almost flat vis-à-vis the Philippine peso to 7.58/7.59 from 7.58/7.60 at yesterday’s close. - FMT
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