Ringgit opens higher in 10-day rally against US dollar

Forex News

Ringgit opens higher in 10-day rally against US dollar
RinggitUS DollarMohd Afzanizam Abdul Rashid
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Emerging markets - Asian forex tepid ahead of key central bank meetings; Thai baht and Indonesian rupiah biggest losers

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the United States Institute for Supply Management index for the manufacturing sector fell to 46.8 points in July, lower than the consensus estimate of 48.8 points. "These seem to support the view that the Fed would cut the rates in September as it needs to ensure the economy would be able to achieve a soft landing in growth after maintaining a restrictive monetary policy stance for quite some time,” he told Bernama.

"However, the temptation among the traders to lock in gains would result in some correction in the ringgit in the immediate terms," he said.Meanwhile, the local note traded mostly lower against a basket of major currencies and mostly higher against ASEAN currencies.

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