Ringgit Opens Higher Ahead Of Fed Speech

The local note climbed to 4.2200/4.2400 as investors awaited policy signals from the Jackson Hole economic summit.
KUALA LUMPUR: The ringgit opened marginally higher against the US dollar and a basket of major currencies on Friday as investors awaited policy signals from the US Federal Reserve at the Jackson Hole Economic Policy Symposium later in the day
At 8am, the ringgit stood at 4.2200/4.2400 compared with Thursday’s close of 4.2235/4.2275.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said markets were anxious about what Fed chairman Jerome Powell would say in his speech at the symposium tonight.
“The ringgit appreciated against the US dollar by 0.04% yesterday. Hence, we expect the ringgit versus US dollar to remain in a narrow range between RM4.22 and RM4.23 today as traders and investors await the latest assessment by the Fed chairman tonight,” he noted.
Meanwhile, the US Dollar Index (DXY) was 0.41% higher at 98.619, supported by improved business sentiment reflected in the PMI data.
The US Flash Composite Purchasing Managers’ Index (PMI) rose to an eight-month high of 55.4, underpinned by sustained growth in the services sector and improving activity in manufacturing industries.
“However, the survey responses showed that higher import tariffs are affecting cost structures and margins, with most businesses planning to pass the additional cost on to consumers,” he added.
At the opening today, the ringgit was also higher against a basket of major currencies.
It rose against the British pound to 5.6616/5.6884 from 5.6899/5.6953 on Thursday, inched up vis-à-vis the Japanese yen to 2.8431/2.8568 from 2.8595/2.8626 and increased against the euro to 4.8998/4.9231 from 4.9226/4.9263.
At the same time, the local note traded higher against other Asean currencies but was flat against the Philippine peso at 7.40/7.44.
It strengthened versus the Singapore dollar to 3.2741/3.2899 from 3.2819/3.2853 at Thursday’s close, gained against the Thai baht to 12.9139/12.9822 from 12.9460/12.9638 and edged up vis-à-vis the Indonesian rupiah to 259.0/260.4 from 259.2/259.6 previously. - FMT

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