The local currency closed lower for the fifth consecutive week and breached the 4.11 level for the first time since Nov 2020 as the 10-year treasury yield traded above the 1.6% level following US President Joe Biden’s vaccination announcement.
PETALING JAYA: The ringgit sell-off is expected to persist ahead of the US Federal Open Markets Committee (FOMC) meeting this week, according to Kenanga Research. The FOMC meeting is scheduled for today and tomorrow.
The research house said the Federal Reserve (Fed) officials are expected to remain sanguine about the growth outlook and may revise the Summary of Economic Projections upward, a move which could drive the treasury yields higher.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
