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KUALA LUMPUR: The ringgit opens slightly lower against the US dollar today on soft landing in the US inflation data last Friday.
SPI Asset Management managing director Stephen Innes said that in theory, the US dollar should not be stronger as inflation came in as expected, but it is getting support from moderately hawkish Fed chatter. "Hence, the dollar remains firm at this morning opening although I expect US rates to ease a touch and the dollar to weaken slightly,” he told Bernama.
The purchasing managers' index for China's manufacturing sector, the PMI of non-manufacturing activity and the comprehensive PMI output index, has stood at 50.8 per cent, 53.0 per cent and 52.7 per cent, up 1.7, 1.6 and 1.8 percentage points respectively -- signalling an improving China economy.It depreciated against the euro to 5.0976/1014 from 5.0907/0977 at last Friday’s close and weakened vis-a-vis the British pound to 5.9681/9726 from 5.9548/9630 previously.
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