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KUALA LUMPUR: The ringgit closed easier against the US dollar today as market participants continue to focus on the prospect of a possible US rate cut, said an analyst.
It was reported that Federal Reserve officials have sent the strongest signals on cutting interest rates ahead of the next Federal Open Market Committee meeting to be held on July 30-31. "The US Dollar Index remained below the 105 points for three consecutive days. China's second quarter 2024 GDP came in today at 4.7 per cent and fell short from the market estimates of 5.1 per cent.
Mohd Afzanizam added that while the Chinese yuan and ringgit tend to have strong correlation, market participants continue to focus on the prospect for the US rate cut at the current juncture.
Ringgit US Dollar Federal Reserve Mohd Afzanizam Abdul Rashid FOMC Interest Rate
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