Friday’s US CPI report will shape market sentiment ahead of next week’s Federal Open Market Committee meeting on interest rates, says an analyst.
It was reported that the NFP data last Friday came in at 162,000 in August, well above the consensus forecast of 55,000.
At 6pm, the ringgit inched down to 4.0440/4.0485 against the US dollar from last Friday’s close of 4.0425/4.0465.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the market is eyeing the US consumer price index (CPI) due on Friday.
“The US CPI report, which is due on Friday, will be the factor that will shape market sentiment as the FOMC members will reconvene next week to decide the Fed Funds Rate.
“Apart from that, Fed staff will share their latest macroeconomic variables such as the gross domestic product, inflation rate, unemployment and the Fed Funds Rate,” he told Bernama.
The next FOMC meeting is scheduled for Sept 15-16.
At the close, the ringgit ended lower against a basket of major currencies.
The ringgit slipped against the euro to 4.6991/4.7044 from last Friday’s 4.6962/4.7008, eased against the British pound to 5.4736/5.4796 from 5.4663/5.4717, and weakened against the Japanese yen to 2.6173/2.6204 from 2.5832/2.5860.
The ringgit also traded lower against regional currencies.
It inched down against the Philippine peso to 6.46/6.47 from 6.45/6.46 last Friday and declined against the Singapore dollar to 3.1943/3.1981 from 3.1888/3.1923.
It fell against the Thai baht to 12.3041/12.3231 from 12.2693/12.2863 and also traded lower against the Indonesian rupiah at 229.2/229.6 from 229.1/229.4 at the previous close. - FMT
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