Oddbean

Ringgit poised for further gains next week on Fed's rate cut hints ========== The ringgit is expected to strengthen against the US dollar next week due to signals from the US Federal Reserve suggesting potential interest rate cuts in September; Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid predicts the ringgit could trade between RM4.3650 and RM4.3750; Key data to watch includes the US Personal Consumption Expenditure (PCE) Price Index for July; June's headline and core PCE inflation eased to 2.5% and 2.6%, respectively; Kenanga Investment Bank Bhd anticipates continued capital inflows into Malaysia; On August 19, the ringgit reached an 18-month high at RM4.3805; Year-to-date, the ringgit has appreciated by 5.01% against the US dollar; The ringgit strengthened to 4.3720/3775 against the US dollar from 4.4295/4350 a week ago; It gained against the euro but depreciated against the British pound and Japanese yen; Mixed performance against ASEAN currencies noted. #Ringgit #UsDollar #MohdAfzanizamAbdulRashid #KenangaInvestmentBank #Pce #FederalReserve #Inflation #CapitalInflows #CurrencyExchange #EconomicOutlook https://www.nst.com.my/business/economy/2024/08/1096406/ringgit-poised-further-gains-next-week-feds-rate-cut-hints