At 6pm, the local note bounced to 4.3400/3445 versus the greenback from yesterday’s close of 4.3700/3745.
KUALA LUMPUR: The ringgit strengthened against the US dollar at the close yesterday, in line with other regional currencies as market participants awaited the release of the US consumer price index (CPI) report today.
At 6pm, the local note bounced to 4.3400/3445 versus the greenback from yesterday’s close of 4.3700/3745.
Bank Muamalat (M) Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the recent downward revision of past US non-farm payroll data suggests that the US labour market is softening while crude oil prices have been on a lower trajectory.
In that sense, the disinflationary trend should remain intact, paving the way for the eventual US rate cut next week.
In addition, he said the key question now of whether the US Federal Reserve would opt for a 50 basis points or 25 basis points cut would depend on how severe the demand slowdown is. — Bernama
