The federal open market committee minutes will be released on Aug 22, says analyst.
KUALA LUMPUR: The ringgit closed lower against the US dollar ahead of the release of the federal open market committee meeting minutes this week. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said mixed signals from US Federal Reserve officials, along with weakening economic data , make the call for a rate cut in September look increasingly daunting.
“So, the impression is that inflation risk would limit the odds for a rate cut,” he added. At 6pm, the local currency slid to 4.2200/4.2240 from last Friday’s close of 4.2085/4.2155. At the close, the ringgit settled mixed against a basket of major currencies. It strengthened against the Japanese yen to 2.8632/2.8661 from last Friday’s close of 2.8653/2.8702. However, it slid against the British pound to 5.7139/5.7193 from 5.7050/5.7145 at the end of last week and eased vis-a-vis the euro to 4.
Closing Economic Data Fed Fmtbizringgit FOMC Interest Rates PPI Rate Cuts Ringgit The US US Dollar
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