Ringgit falls against greenback after hawkish talk from Fed chairman FMTNews FMTBusiness
KUALA LUMPUR: The ringgit gave up its gains in the last two days to close sharply lower against the greenback today after hawkish talk on the US interest rate outlook from Federal Reserve chairman Jerome Powell.
“It is highly likely that the same tone will emerge, ie, the monetary policy stand is going to be restrictive,” he told Bernama. On whether the ringgit’s deteriorating performance would have an impact on the overnight policy rate ahead of Bank Negara Malaysia’s monetary policy committee meeting on Thursday, he explained that theoretically, a higher interest rate could help increase the appeal of the ringgit as it can offer higher returns.
SPI Asset Management MD Stephen Innes said the ringgit has recoiled in the face of an even more hawkish Fed after chairman Jerome Powell, in his testimony to the US Congress, left the door open to a faster pace of rate hikes.
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