Markets are anxious to see the Federal Reserve’s assessment of the US economy and its interest rate outlook, says analyst.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the ringgit continued to trade within a narrow range as market participants awaited the outcome of the Fed’s two-day Federal Open Market Committee (FOMC) meeting on July 28 and 29.
“Markets are anxious to see the Fed’s latest assessment of the (American) economy, as well as its guidance on the US interest rate outlook,” he told Bernama.
Afzanizam said global crude oil prices had been trending lower following the resumption of negotiations between the US and Iran, raising hopes of a possible reopening of the Strait of Hormuz and a military de-escalation in West Asia.
At 6pm, the local currency dropped to 4.0885/4.0930 against the US dollar from yesterday’s close of 4.0835/4.0875.
The ringgit traded higher against a basket of major currencies at the close today.
It edged up against the Japanese yen to 2.4948/2.4976 from 2.4969/2.4994, appreciated vis-à-vis the euro to 4.6429/4.6480 from 4.6536/4.6581, and rose versus the British pound to 5.4287/5.4347 from 5.4433/5.4486 yesterday.
The ringgit also traded mostly higher against regional currencies.
It strengthened against the Indonesian rupiah to 226/226.4 from 226.7/227, advanced versus the Singapore dollar to 3.1603/3.1640 from 3.1653/3.1686, and improved vis-à-vis the Thai baht to 12.1494/12.1681 from 12.1612/12.1775 previously.
However, the local currency edged down against the Philippine peso to 6.63/6.64 from 6.62/6.63 yesterday. - FMT
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