US retail sales grew 0.7% month-on-month in September against consensus estimates of 0.3%.
KUALA LUMPUR: The ringgit opened lower against the greenback as the latest set of strong US economic data strengthened the higher-for-longer scenario for American interest rates, spurring a jump in US bond yields, analysts said.US industrial production also pointed to healthy growth with the capacity utilisation rate in the manufacturing sector rising to 79.7% in September from 79.5% previously.
SPI Asset Management managing partner Stephen Innes said the update on US spending could be viewed as a hawkish development and contributed to the bearish sentiment in the US bond market. Aside from that, a broader escalation in the Middle East would drive more US dollar demand, he added.
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